Proponents of the Help Independent Tracks Succeed Act are making a renewed effort to get the bill through Congress.
On Wednesday , the Recording Academy and the American Association of Independent Music sent a letter to House Ways and Means Committee chairmanThe HITS Act would provide an extra tax break to musicians, technicians and producers for recording sessions, allowing them to deduct 100% of recording expenses up to $150,000 on their taxes in the year they’re incurred.
The letter goes on to point out that film, TV and live theatrical productions all enjoy the option of fully deducting production costs in the year they’re incurred and argues that music productions should get the same treatment. For independent creators and labels, being forced to amortize expenses “slows down their reinvestment in new projects that can fuel growth,” the letter adds.
The bipartisan HITS Act was first introduced in the House on July 31, 2020 , though it failed to pass as part of the two pandemic relief packages or as part of the $3.5 billion budget reconciliation package known as Build Back Better, which was ultimately halved and renamed the Inflation Reduction Act of 2022 before being signed into law in August 2022.
strongly urges you to include the HITS Act in any vehicle. It represents exactly the type of bipartisan, bicameral, and non-controversial economic investment that Congress should be proudfor countless independent music creators and music small businesses.
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