HITS Act
Latest action · Feb 28, 2023 Referred to the House Committee on Ways and Means.
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.
- IntroducedFeb 28, 2023
- 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 33
Members who signed on, in the order they did. Signatures ran from Feb 28, 2023 to Oct 29, 2024; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KS | Ron Estes | Original | Feb 28, 2023 |
| D-DC | Eleanor Holmes Norton | Mar 14, 2023 | |
| D-MA | James P. McGovern | Mar 14, 2023 | |
| D-IL | Mike Quigley | Mar 14, 2023 | |
| D-CA | Adam B. Schiff | May 2, 2023 | |
| D-CA | Jimmy Panetta | May 2, 2023 | |
| D-CA | Judy Chu | May 2, 2023 | |
| D-TX | Greg Casar | May 23, 2023 | |
| D-PA | Dwight Evans | Aug 18, 2023 | |
| D-OR | Earl Blumenauer | Aug 18, 2023 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Aug 18, 2023 | |
| D-CA | Jimmy Gomez | Aug 18, 2023 | |
| D-CA | Julia Brownley | Aug 18, 2023 | |
| D-WA | Derek Kilmer | Aug 22, 2023 | |
| D-TX | Lloyd Doggett | Aug 22, 2023 | |
| D-GA | Nikema Williams | Aug 22, 2023 | |
| D-NY | Jerrold Nadler | Aug 25, 2023 | |
| D-CA | Ted Lieu | Sep 12, 2023 | |
| R-GA | Earl L. "Buddy" Carter | Sep 14, 2023 | |
| R-TN | Mark E. Green | Sep 14, 2023 | |
| D-VI | Stacey E. Plaskett | Sep 22, 2023 | |
| D-IN | André Carson | Sep 26, 2023 | |
| R-OK | Stephanie I. Bice | Oct 10, 2023 | |
| D-CA | Sydney Kamlager-Dove | Oct 11, 2023 | |
| D-WA | Pramila Jayapal | Oct 17, 2023 | |
| D-FL | Maxwell Frost | Oct 30, 2023 | |
| D-TN | Steve Cohen | Dec 19, 2023 | |
| D-PA | Mary Gay Scanlon | Jun 18, 2024 | |
| D-WA | Suzan K. DelBene | Oct 8, 2024 | |
| D-NY | Daniel S. Goldman | Oct 18, 2024 | |
| D-CO | Joe Neguse | Oct 18, 2024 | |
| D-OR | Suzanne Bonamici | Oct 18, 2024 | |
| D-IL | Sean Casten | Oct 29, 2024 |
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 Feb 28, 2023 |
Actions 2
Everything that happened, newest first.
- Feb 28, 2023Introduced in House
- Feb 28, 2023Referred to the House Committee on Ways and Means.
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. 169, no. 38, February 28, 2023, page H972.
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.
- Feb 28, 2023Introduced 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.
