Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev) and Marsha Blackburn (R-Tenn.) introduced bipartisan legislation to allow independent music creators, including musicians, technicians, writers, and producers, to deduct 100 percent of recording production expenses in the year they are incurred. The bill, called the HITS Act, would help level the playing field for many small, independent creators and labels.
“Nevada is home to the entertainment capital of the world, and the music industry has contributed so much to our culture and our economy,” said Senator Cortez Masto. “My bipartisan legislation will make the tax code work better for music creators and give independent creators a needed boost.”
This legislation is endorsed by the Recording Academy, American Association of Independent Music, Recording Industry Association of America, American Society of Composers, Society of Composers and Lyricists, National Independent Venue Association, Broadcast Music Inc., National Music Publishers Association, and Global Music Rights.
Full text of the bill can be found here.
Senator Cortez Masto has been a champion of Nevada’s economy, including supporting the state’s tourism, outdoor recreation, and live event sectors. In the American Rescue Plan, Senator Cortez Masto secured $3 billion in funding to assist states with their economic recovery and their vital tourism industries, including Nevada. Senator Cortez Masto secured over $15 billion in “Save Our Stages” relief for live entertainment venues to address the impacts of the pandemic. She has also been a Senate leader in passing the seven-year reauthorization of ‘Brand USA’, which is a public-private partnership that enhances tourism and job creation across the country. Cortez Masto and Blackburn have previously championed tax relief efforts to promote the entertainment economy, such as their successful amendment to include musicians and entertainers in the United States-Taiwan Expedited Double-Tax Relief Act.
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