Huge New Bill Introduced for Independent Artists: Up to $150,000 in Tax Credits
If you are an independent musician, you know how expensive studio recording can be. Production, studio musicians, mixing, mastering… it all adds up. Many musicians gain their income for new studio recordings through touring. With the current pandemic situation, however, this is not possible.
Congresswoman Linda T. Sánchez plans to address this issue with a new bill known as The HITS Act. This act, if passed, would “allow an individual to fully expense for tax purposes the cost of new studio recordings on their taxes, up to $150,000, within the same year of production.” This would be a huge “plus” for musicians across the country. Expenses could include studio rental fees, staff fees, studio musicians, equipment, and even electricity.
HITS stands for “Help Independent Tracks Succeed” and is co-sponsored by Representative Ron Estes (Kansas). The Recording Academy® is also partnering alongside these politicians in pushing for this reform.
Are you excited about this new bill? We certainly are!
@timbatec via unsplash
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