The Recording Academy announced Friday it has aligned with the Help Independent Tracks Succeed (HITS) Act, a bipartisan bill that allows independent music makers to expense the cost of new studio recordings on their taxes — up to $150,000.
The act was introduced Friday by Rep. Linda T. Sánchez (D-Calif.) and Rep. Ron Estes (R-Kansas) and would allow artists — like TV and film productions — to deduct 100% of their production expenses (which includes studio equipment, studio rental fees, staff costs, electricity, studio musicians and more) from taxes.
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“The Recording Academy is proud to have worked alongside Reps. Sánchez and Estes to develop the key provisions in the HITS Act,” Harvey Mason Jr, Chair and Interim President/CEO of the Recording Academy, said in a statement. “The HITS Act will make a meaningful impact and help ease the financial burden for thousands of independent creators getting back on track, eager to share their creativity with the world. It will inspire new music and create opportunities for many of the vulnerable professionals in our community to persevere during these uncertain times.”
The cost to create music is especially difficult to incur during the coronavirus pandemic, which has seen artists lose both touring revenue and the ability to record in a studio.
Sanchez added: “We are living through tough times and nothing helps you escape like turning on your favorite album. Similar to many families and workers across the country, the coronavirus has also had an enormous impact on music makers. Gigs have been canceled, studios shuttered, and creative writing sessions postponed. I’m proud to introduce the HITS Act with Rep. Estes. Our bill will provide small, independent creators with a bit of help getting back to work, making the music we turn to in good times and bad.”
In July, the Recording Academy announced it was partnering with civil rights nonprofit Color of Change for a series of new initiatives, atop a $1 million donation to the organization. Alongside MusiCares, the Recording Academy also set up a COVID-19 relief fund.
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