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Standard Summary
Comprehensive overview in 1-2 paragraphs
The HITS Act allows sound recording producers to immediately expense qualified production costs up to $150,000, providing tax benefits similar to film and television productions.
Key Points
- 1Extends Section 181 expensing to qualified sound recording productions
- 2Sets $150,000 limit per production and per taxable year
- 3Includes sound recordings produced in the United States
- 4Provides bonus depreciation for qualified productions
- 5Places in service at time of initial release or broadcast
- 6Effective for productions commencing after enactment
Impact Areas
Music industryTax policySmall recording studiosIndependent artistsFederal revenue
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