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US SB194
Bill
AI Summary
- Amends Internal Revenue Code Section 181 to allow taxpayers to elect to immediately expense qualified sound recording production costs rather than capitalizing them over time
- Caps the deduction at $150,000 per qualified sound recording production or $150,000 cumulative for all such productions in a taxable year
- Defines "qualified sound recording production" as a sound recording produced and recorded in the United States, per Section 101 of title 17
- Makes qualified sound recordings eligible for bonus depreciation under Section 168(k), with productions considered "placed in service" at the time of initial release or broadcast
- Applies to productions commencing in taxable years ending after the date of enactment
Legislative Description
HITS Act Help Independent Tracks Succeed Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
1/22/2025
Committee Referrals
Finance1/22/2025
Full Bill Text
No bill text available