A bill to amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
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.
Referred to the Subcommittee on Select Revenue Measures.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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