Proponents of the Help Independent Tracks Succeed (HITS) Act are making a renewed effort to get the bill through Congress.
On Wednesday (Sept. 27), the Recording Academy and the American Association of Independent Music (A2IM) sent a letter to House Ways and Means Committee chairman Jason Smith (R-MO) and ranking member Richard Neal (D-MA) urging them to add the bill to end-of-year tax legislation.
The HITS Act would provide an extra tax break to musicians, technicians and producers for recording sessions, allowing them to deduct 100% of recording expenses up to $150,000 on their taxes in the year they’re incurred. That would be a change from
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