The passage of the bill, which allows musicians to deduct recording costs in the year they were incurred, was hailed by Recording Academy CEO Harvey Mason jr.
Introduced in 2020, the HITS Act would allow indie musicians to deduct 100% of recording expenses up to $150,000 on their taxes in the year they’re incurred.
As the 117th Congress winds to a close, industry advocates are urging leaders on Capitol Hill to pass the long-simmering HITS Act before the January changeover.
