Legis Daily

HITS Act

USA116th CongressS-4955| Senate 
| Updated: 12/3/2020
Dianne Feinstein

Dianne Feinstein

Democratic Senator

California

Cosponsors (1)
Marsha Blackburn (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 30, 2020

Latest Companion Bill Action

HR 116-7886
Introduced in House
Dec 3, 2020
Introduced in Senate
Dec 3, 2020
Read twice and referred to the Committee on Finance.
  • July 30, 2020

    Latest Companion Bill Action

    HR 116-7886
    Introduced in House


  • December 3, 2020
    Introduced in Senate


  • December 3, 2020
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 116-7886: HITS Act
Business expensesIncome tax deductionsMusic

HITS Act

USA116th CongressS-4955| Senate 
| Updated: 12/3/2020
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 30, 2020

Latest Companion Bill Action

HR 116-7886
Introduced in House
Dec 3, 2020
Introduced in Senate
Dec 3, 2020
Read twice and referred to the Committee on Finance.
  • July 30, 2020

    Latest Companion Bill Action

    HR 116-7886
    Introduced in House


  • December 3, 2020
    Introduced in Senate


  • December 3, 2020
    Read twice and referred to the Committee on Finance.
Dianne Feinstein

Dianne Feinstein

Democratic Senator

California

Cosponsors (1)
Marsha Blackburn (Republican)

Finance Committee

Taxation

Related Bills

  • HR 116-7886: HITS Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Business expensesIncome tax deductionsMusic