Senate bill gives tax breaks to music-makers

Whereas in the past, musicians, producers, and music technicians would have to spread recording expenses out over a number of years, a new bill introduced in the Senate last week would let them deduct 100% of their recording expenses, up to $150,000, in the year they are incurred. This bill seeks to sync up the music industry with the film, television, and theater businesses in terms of expense deductions. The measure, acronymically titled the “Help Independent Tracks Succeed (HITS) Act,” was introduced by California Democrat Dianne Feinstein and Tennessee Republican Marsha Blackburn. This is a companion bill to one introduced in the House by California Democrat Linda Sanchez and Kansas Republican Ron Estes.