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New Congressional Bill Seeks to Encourage Music Creation Through Tax Code Change

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The HITS Act would allow independent creators to expense 100% of the cost of new studio recordings up front. A bill that would use a change in the tax code to encourage independent artists to create new music during the pandemic was introduced Friday (July 31) in the U.S.

House of Representatives. Co-sponsored by Rep. Linda T. Sánchez (D-Calif.) and Rep. Ron Estes (R-Kansas), the Help Independent Tracks Succeed (HITS) Act would allow individuals to fully expense the cost of new studio recordings (up to $150,000) on their taxes within the same year of production, thereby easing the financial burden on creators of recording new music.

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