The Recording Academy has aligned with the HITS Act, a bill that allows artists to expense for tax purposes the cost of studio recordings
.announced Friday it has aligned with the Help Independent Tracks Succeed Act, a bipartisan bill that allows independent music makers to expense the cost of new studio recordings on their taxes — up to $100,000.
The act was introduced Friday by Rep. Linda T. Sánchez and Rep. Ron Estes and would allow artists — like TV and film productions — to deduct 100% of their production expenses from taxes. “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.
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.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Rob Lowe stunned as Gwyneth Paltrow says his wife taught her to perform sex actGwyneth Paltrow appeared on Rob Lowe's tell-all podcast when she made the surprise admission. Actor Rob has since admitted that he had no idea that story was coming
Weiterlesen »
Brazil hits record 69,000 daily coronavirus cases as restrictions easedBrazil set daily records on Wednesday for new COVID-19 cases and related fatalities, as the world's second-worst outbreak hurtles toward the milestone of 100,000 dead amid easing lockdowns.
Weiterlesen »
3 HEALS Act Proposals That Wouldn’t Directly Aid American WorkersThe $1 trillion second stimulus proposal calls for direct payments to American taxpayers and extended federal unemployment benefits. It also includes funding for programs that have little to do with getting aid to Americans.
Weiterlesen »
US hits 150,000 deaths from COVID-19 as states struggle to halt resurgenceAlmost six months after the first known death in the United States from COVID-19, more than 150,000 people have died. At the current rate, the death toll will likely reach 200,000 in less than two months.
Weiterlesen »
Renault posts record loss of 7.3 billion euros as pandemic hits salesFrench carmaker Renault posted a record net loss of 7.292 billion euros ($8.58 billion) in the first half of the year, as the COVID-19 pandemic hampered its turnaround efforts while losses at alliance partner Nissan also weighed.
Weiterlesen »
UK worried about second wave in Europe, won't hesitate to act on quarantineBritain's Health Secretary Matt Hancock said on Thursday he was worried about a second wave of coronavirus infections in Europe and that the government would not hesitate to act to bring back quarantine measures if necessary to keep Britain safe.
Weiterlesen »