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HITS Act

Representatives Linda Sánchez (D-CA) and Ron Estes (R-KS) and Senators Dianne Feinstein (D-CA) and Marsha Blackburn (R-TN) introduced the bipartisan Help Independent Tracks Succeed Act, a bill that would allow musicians, technicians, and producers to deduct 100 percent of recording production expenses in the year they are incurred, rather than in later years. The federal tax code already allows film, television and theater productions to fully deduct production expenses in the year they are incurred, but not music production expenses. Implementing this change would help these entertainment professionals recover from the economic downturn brought on by the COVID-19 pandemic. “Like […]

The post HITS Act Relief Bill Gains Bipartisan Support appeared first on Music Connection Magazine.

For more, check out MusicConnection.com (Source)

American Association of Independent Music (A2IM) President and CEO Dr. Richard James Burgess and a group of 119 leaders from the independent music industry in 19 states sent a letter to Senate Majority Leader Charles Schumer (D-NY) and Speaker of the House Nancy Pelosi (D-CA) urging that a modest relief provision for the creation of recorded music must be included in the Coronavirus Rescue Legislation that Congress is debating. A2IM has over 600 record label members in over 30 states, and independent music represents over 30% of the U.S. market for recorded music. When President Biden released his American Rescue […]

The post Music Industry Leaders Appeal to Congress for Relief appeared first on Music Connection Magazine.

For more, check out MusicConnection.com (Source)

Senators Dianne Feinstein (D-Calif.) and Marsha Blackburn (R–Tenn.) today introduced the bipartisan Help Independent Tracks Succeed Act, a bill that would allow musicians, technicians and producers to deduct 100 percent of recording production expenses in the year they are incurred, rather than in later years. The federal tax code already allows film, television and theater productions to fully deduct production expenses in the year they are incurred, but not music production expenses. Companion legislation was introduced in the House by Representatives Linda Sánchez (D-Calif.) and Ron Estes (R-Kan.). “Because most large, public gatherings have been prohibited since the pandemic began, musicians and […]

The post Senators Pose HITS Act for Musicians, Production Workers appeared first on Music Connection Magazine.

For more, check out MusicConnection.com (Source)

Today, the Recording Academy joined Rep. Linda T. Sánchez (D-Calif.) and Rep. Ron Estes (R-Kansas) to announce the Help Independent Tracks Succeed (HITS) Act, which allows an individual to fully expense for tax purposes the cost of new studio recordings on their taxes, up to $150,000, within the same year of production. Music creators are among the American workers hardest hit by the coronavirus pandemic. The HITS Act creates a foothold for recovery. Without it, the costs of making new music may be prohibitive to creators following months of lost income. “The Recording Academy is proud to have worked alongside […]

The post Recording Academy Champions The HITS Act to Support Independent Musicians During COVID-19 appeared first on Music Connection Magazine.

For more, check out MusicConnection.com (Source)