HITS Act

Adds U.S.-made sound recordings to the list of productions whose production costs may be expensed immediately under the Internal Revenue Code. It limits the expensing election for each sound recording production to $150,000, makes such productions eligible for bonus depreciation, and treats a production as "placed in service" when it is first released or broadcast. The rules apply to productions that begin in taxable years ending after the date of enactment.

Introduced January 22, 2025 by Marsha Blackburn · Last progress 1 year ago