The bipartisan Help Independent Tracks Succeed (HITS) Act has been added to the current draft of the Build Back Better reconciliation package in Congress.
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The HITS Act, which would allow musicians, technicians and producers to deduct 100% of recording expenses up to $150,000 on their taxes in the year they're incurred, remains unchanged from its previous versions. It was first introduced in the House on July 31, 2020 , though it failed to pass as part of the last two pandemic relief packages despite intense lobbying from independent music advocates to have it included.
Under the current tax code, music creators are required to amortize production expenses for tax purposes over the economic life of a sound recording, a period that usually ranges between three and four years. If passed, the HITS Act would apply the same tax standard to music as it does film and TV productions, which already enjoy a 100% first-year deduction, helping music professionals recover from the severe economic downturn caused by the COVID-19 pandemic.
In a statement released at the time of the bill’s reintroduction in March, Recording Academy president and CEO said the HITS Act would succeed in"putting music creators on a level playing field with other creative industries -- helping thousands of independent creators get back on track by incentivizing music production, creating new opportunities and revitalizing the music economy.
In the House, the 96-member Progressive Caucus has threatened to forgo a vote on the smaller $1 trillion bipartisan infrastructure bill -- the second component of Biden's"build back better" agenda which previously passed in the Senate and is currently facing a Sept. 27 deadline for passage in the House -- if the Build Back Better Act fails to pass. On Wednesday, President Biden conducted a series of meetings with lawmakers to attempt a resolution.
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