HITS Act
Sponsored By: Representative Estes
Introduced
Summary
Lets domestic sound recordings be expensed and get bonus depreciation. This bill would add "qualified sound recording productions" to Section 181 so creators can elect to expense certain production costs, cap that expensing at $150,000 per production and per year, and allow bonus depreciation with placement in service at initial release or broadcast.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New tax break for music producers
If enacted, music producers and self-employed recording artists would be able to expense certain production costs for U.S.-made sound recordings. You could elect to treat up to $150,000 per recording, and up to $150,000 total in a year, as current expenses. The bill would also let qualifying recordings use bonus first-year depreciation. A recording is treated as placed in service when it is first released or broadcast. These rules would apply to productions that start in tax years ending after enactment.
Sponsors & CoSponsors
Sponsor
Estes
KS • R
Cosponsors
Rep. Sánchez, Linda T. [D-CA-38]
CA • D
Sponsored 1/28/2025
DelBene
WA • D
Sponsored 3/5/2025
Gomez
CA • D
Sponsored 3/5/2025
Rep. Doggett, Lloyd [D-TX-37]
TX • D
Sponsored 3/18/2025
Rep. Moran, Nathaniel [R-TX-1]
TX • R
Sponsored 4/7/2025
Rep. Chu, Judy [D-CA-28]
CA • D
Sponsored 4/8/2025
Rep. Williams, Nikema [D-GA-5]
GA • D
Sponsored 4/9/2025
Roll Call Votes
No roll call votes available for this bill.
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