US Senate Introduces Bill To Let Musicians Deduct Full Cost Of Production As Its Incurred

With many of the CARES Act provisions expiring, the Help Independent Tracks Succeed (HITS) Act, a bipartisan solution that would allow musicians, technicians and producers to deduct 100 percent of recording production expenses in the year they are incurred, rather than in later years — i.e. an individual could fully expense the cost of new studio recordings on their taxes, up to $150,000. This small tax incentive would alter the current tax policy that requires individual recording artists and record producers to amortize production expenses for tax purposes over the economic life of a sound recording. – Variety