Recording Academy aligns with HITS Act to help independent artists

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The Recording Academy announced on Friday that it is aligning itself with the Help Independent Tracks Succeed (HITS) Act, a bipartisan bill that allows independent music creators to deduct the cost of new studio recordings from their taxes – up to at $150,000.

The law 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, personnel costs, electricity, studio musicians and more) taxes.

“The Recording Academy is proud to have worked alongside Representatives Sánchez and Estes to develop the key provisions of the HITS Act,” Harvey Mason Jr., president and acting president/CEO of The Recording Academy, said in a statement. “The HITS Act will have a significant 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 vulnerable professionals. of our community to persevere in these uncertain times.

The cost of creating music is particularly hard to bear during the coronavirus pandemic, which has seen artists lose both touring income and the ability to record in the studio.

Sanchez added, “These are 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 a huge impact on the creators of music. Concerts have been canceled, studios closed and creative writing sessions postponed. I’m proud to introduce the HITS Act with Rep. Estes. Our bill will provide small independent creators with some help to recover at work, making the music we turn to in good times and bad.

In July, The Recording Academy announced it was partnering with civil rights organization Color of Change on a series of new initiatives, in addition to donating $1 million to the organization. . Alongside MusiCares, the Recording Academy has also set up a COVID-19 relief fund.

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