HITS Act Would Help Independent Music Producers
The Help Independent Tracks Succeed (HITS) Act (H.R. 1259) would let independent music producers deduct all their recording expenses in the year incurred up to $150,000. Currently, they have to amortize the costs over the economic life of the sound recording. While this is a bi-partisan measure and is supported by many music-related groups and associations, it’s unclear whether it will be passed. A similar measure was induced in a previous session of Congress, but did not pass. #IdeaoftheDayDaily tips on legal, tax, financial, and other matters to make you a smarter entrepreneur.
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