Today, the Recording Academy is celebrating the reintroduction of the Help Independent Tracks Succeed (HITS) Act in Congress. The HITS Act amends the tax code so independent artists can fully deduct the cost of new recordings on their taxes. This would apply the same standard to music as it does film and TV productions, which already enjoy a 100% first-year deduction, creating new incentives for independent music makers to produce new sound recordings.
Please see the statement below from Recording Academy CEO Harvey Mason jr.:
“Earlier this month at the GRAMMY Awards we celebrated the power of music on Music’s Biggest Night, but we know it’s important to build a music ecosystem year-round that supports all creators. The Help Independent Tracks Succeed (HITS) Act will aid independent artists, songwriters, and producers in creating new music that we can celebrate and enjoy. We are grateful to Reps. Sánchez and Estes, and Senators Feinstein and Blackburn, for reintroducing the HITS Act and we are optimistic this legislation will finally become law in this Congress.”
For more information on the HITS Act, and to hear from other supporters of this critical legislation, a press release from the office of Rep. Linda Sánchez is available here.