118th Congress · HOUSE BILLBILL

H.R. 1259 — HITS Act

“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.”

Taxation

Introduced Feb 28, 2023

Last action Feb 28, 2023

Pipeline · Bill → Law

Step 1

Introduced

Feb 28, 2023

Step 2

Referred

Feb 28, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill permits taxpayers to treat as currently deductible expenses the cost of qualified sound recording productions not exceeding $150,000 in a taxable year. The bill defines qualified sound recording production as certain sound recordings produced and recorded in the United States.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Feb 28, 2023

Introduced in House

Feb 28, 2023

Referred to the House Committee on Ways and Means.