HR 761 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
Summary
This bill amends the tax code to allow sound recording producers to deduct certain production costs immediately rather than spreading them over multiple years. The bill defines a qualified sound recording production as one produced and recorded in the United States, and limits the annual deduction to $150,000 per production. It also allows qualified sound recording productions to qualify for bonus depreciation benefits. Sound recordings are considered placed in service at their initial release or broadcast date. The changes apply to productions starting in tax years ending after the bill's enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Estes, Ron [R-KS-4] (R-KS)
7 cosponsors
Money behind the sponsor
Top reported contributors to Ron Estes’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- TRANSYSTEMS $21,650
- WATCO $13,200
- NULL $11,600
- BERGEN PAIN MANAGEMENT PC $9,900
- ASH BROKERAGE $7,061
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Ron Estes → · Outside spending →
Actions (2)
- Jan 28, 2025 Referred to the House Committee on Ways and Means. · house
- Jan 28, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
January 28, 2025
Mr. Estes (for himself and Ms. Sanchez) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to provide for an election to expense certain qualified sound recording costs otherwise chargeable to capital account.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Help Independent Tracks Succeed Act” or the “HITS Act”.
SEC. 2. TREATMENT OF CERTAIN QUALIFIED SOUND RECORDING PRODUCTIONS.
(a) Election To Treat Costs as Expenses.—Section 181(a)(1) of the Internal Revenue Code of 1986 is amended by striking “qualified film or television production, and any qualified live theatrical production,” and inserting “qualified film or television production, any qualified live theatrical production, and any qualified sound recording production”.
(b) Dollar Limitation.—Section 181(a)(2) of such Code is amended by adding at the end the following new paragraph:
“(C) Qualified sound recording production.— Paragraph (1) shall not apply to so much of the aggregate cost of any qualified sound recording production, or to so much of the aggregate, cumulative cost of all such qualified sound recording productions in the taxable year, as exceeds $150,000.”.
(c) No Other Deduction or Amortization Deduction Allowable.— Section 181(b) of such Code is amended by striking “qualified film or television production or any qualified live theatrical production” and inserting “qualified film or television production, any qualified live theatrical production, or any qualified sound recording production”.
(d) Election.—Section 181(c)(1) of such Code is amended by striking “qualified film or television production or any qualified live theatrical production” and inserting “qualified film or television production, any qualified live theatrical production, or any qualified sound recording production”.
(e) Qualified Sound Recording Production Defined.—Section 181 of such Code is amended by redesignating subsections (f) and (g) as subsections (g) and (h), respectively, and by inserting after subsection (e) the following new subsection:
“(f) Qualified Sound Recording Production.—For purposes of this section, the term ‘qualified sound recording production’ means a sound recording (as defined in section 101 of title 17, United States Code) produced and recorded in the United States.”.
(f) Bonus Depreciation.—
(1) Qualified sound recording production as qualified property.—Section 168(k)(2)(A)(i) of such Code is amended—
(A) by striking “or” at the end of subclause
(IV), by adding “or” at the end of subclause (V), and by inserting after subclause (V) the following:
“(VI) which is a qualified sound recording production (as defined in subsection (f) of section 181) for which a deduction would have been allowable under section 181 without regard to subsections (a)(2) and (h) of such section or this subsection,”; and
(B) in subclauses (IV) and (V) (as amended) by striking “without regard to subsections (a)(2) and
(g)” both places it appears and inserting “without regard to subsections (a)(2) and (h)”.
(2) Production placed in service.—Section 168(k)(2)(H) of such Code is amended by striking “and” at the end of clause
(i), by striking the period at the end of clause (ii) and inserting “, and”, and by adding after clause (ii) the following:
“(iii) a qualified sound recording production shall be considered to be placed in service at the time of initial release or broadcast.”.
(g) Conforming Amendments.—
(1) The heading for section 181 of such Code is amended to read as follows: “treatment of certain qualified productions.”.
(2) The table of sections for part VI of subchapter B of chapter 1 of such Code is amended by striking the item relating to section 181 and inserting the following new item:
“Sec. 181. Treatment of certain qualified productions.”.
(h) Effective Date.—The amendments made by this section shall apply to productions commencing in taxable years ending after the date of the enactment of this Act. <all>
Comments