S. 1625 · 118th Congress · Senate

HITS Act

Active· Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1680-1681)
Introduced
May 16, 23
Passed Senate
Pending
Passed House
Pending
Sent to President
Pending
Signed into Law
Pending

Executive Summary

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.

Action Timeline

2
  1. MAY 16, 2023IntroReferral

    Introduced in Senate

  2. MAY 16, 2023IntroReferral

    Read twice and referred to the Committee on Finance

    (Sponsor introductory remarks on measure: CR S1680-1681)

    1680Yea
    1681Nay
    0NV

Committees

1

Finance Committee

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Referred: May 16, 2023

Active