HITS Act
Latest action · Jul 30, 2020 Referred to the Subcommittee on Select Revenue Measures.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 30, 2020
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Help Independent Tracks Succeed Act or the HITS Act
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.
Cosponsors 40
Members who signed on, in the order they did. Signatures ran from Jul 30, 2020 to Dec 16, 2020; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Ron Estes | Original | Jul 30, 2020 |
| D-CA | Adam B. Schiff | Aug 14, 2020 | |
| D-CA | Brad Sherman | Aug 14, 2020 | |
| R-PA | Brian K. Fitzpatrick | Aug 14, 2020 | |
| R-NC | George Holding | Aug 14, 2020 | |
| D-CA | Grace F. Napolitano | Aug 14, 2020 | |
| R-AL | Martha Roby | Aug 14, 2020 | |
| R-TX | Michael T. McCaul | Aug 14, 2020 | |
| D-TX | Sheila Jackson Lee | Aug 14, 2020 | |
| R-MO | Billy Long | Sep 4, 2020 | |
| D-FL | Darren Soto | Sep 4, 2020 | |
| R-NY | John Katko | Sep 4, 2020 | |
| D-CA | Judy Chu | Sep 4, 2020 | |
| R-AL | Mo Brooks | Sep 4, 2020 | |
| D-CA | Ted Lieu | Sep 4, 2020 | |
| D-FL | Alcee L. Hastings | Sep 11, 2020 | |
| R-AZ | Debbie Lesko | Sep 11, 2020 | |
| D-NV | Dina Titus | Sep 11, 2020 | |
| D-PA | Dwight Evans | Sep 11, 2020 | |
| D-HI | Ed Case | Sep 11, 2020 | |
| D-DC | Eleanor Holmes Norton | Sep 11, 2020 | |
| D-CA | Harley Rouda | Sep 11, 2020 | |
| D-TN | Jim Cooper | Sep 11, 2020 | |
| R-TX | Jodey C. Arrington | Sep 11, 2020 | |
| R-TN | Mark E. Green | Sep 11, 2020 | |
| D-NY | Yvette D. Clarke | Sep 11, 2020 | |
| D-OR | Earl Blumenauer | Sep 30, 2020 | |
| R-GA | Earl L. "Buddy" Carter | Sep 30, 2020 | |
| D-CA | Tony Cárdenas | Sep 30, 2020 | |
| R-IL | Darin LaHood | Oct 9, 2020 | |
| D-CA | Lucille Roybal-Allard | Oct 9, 2020 | |
| D-WA | Suzan K. DelBene | Oct 9, 2020 | |
| D-NY | Jerrold Nadler | Nov 2, 2020 | |
| D-CA | Jimmy Panetta | Nov 2, 2020 | |
| D-TN | Steve Cohen | Nov 2, 2020 | |
| R-TX | Louie Gohmert | Nov 5, 2020 | |
| R-AZ | Andy Biggs | Dec 2, 2020 | |
| R-TX | Bill Flores | Dec 2, 2020 | |
| D-FL | Stephanie N. Murphy | Dec 16, 2020 | |
| R-TX | Will Hurd | Dec 16, 2020 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jul 30, 2020 |
| Tax Subcommittee | Referred Jul 30, 2020 |
Actions 3
Everything that happened, newest first.
- Jul 30, 2020Introduced in House
- Jul 30, 2020Referred to the House Committee on Ways and Means.
- Jul 30, 2020Referred to the Subcommittee on Select Revenue Measures.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 166, no. 135, July 30, 2020, page H4190.
Related bills 2
Companion bills and other measures the record links to this one.
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- HITS Act
- Help Independent Tracks Succeed Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 30, 2020Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
