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Standard Summary
Comprehensive overview in 1-2 paragraphs
The HITS Act allows music producers to immediately expense up to $150,000 in qualified sound recording production costs rather than capitalizing them for depreciation.
Key Points
- 1Extends film/TV tax treatment to sound recording productions
- 2Allows immediate expensing of up to $150,000 in recording costs per year
- 3Applies to sound recordings produced and recorded in the United States
- 4Considers recordings placed in service at initial release or broadcast
- 5Amends both section 181 and 168(k) of Internal Revenue Code
- 6Supports independent music producers and recording industry
Impact Areas
Music recording industryIndependent artists and producersRecording studiosTax treatment of creative industriesSmall business tax policyCultural and creative economy
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