S 1625 118th Congress Senate Taxation

HITS Act

Introduced: November 15, 2023 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 16, 2023

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1680-1681)

May 16, 2023

Introduced in Senate

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Plain-English summary Congressional Research Service

Help Independent Tracks Succeed Act or the HITS Act

This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.

What's happening now May 16, 2023

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1680-1681)

Related & companion bills 1

Bill text 1 version