Скачать или смотреть OB3 Introduces the HITS Act: $150K Deduction for Music Production

The One Big Beautiful Bill Act (OB3) introduces a powerful new tax break for independent musicians, producers, and small music labels: the HITS Act (Help Independent Tracks Succeed Act).

In this video, Chris Picciurro, CPA breaks down how the HITS Act allows qualifying music professionals to deduct up to $150,000 in production costs—immediately, rather than spreading them out over years through amortization. It’s a huge opportunity to improve cash flow and reduce taxable income in the year of creation.

You’ll learn:
✅ Who qualifies under the HITS Act
✅ What counts as eligible production costs
✅ How the $150,000 deduction limit works
✅ Why this change helps support the independent music industry
✅ How to avoid amortization and claim your deduction up front

🎯 Key Highlights:
• HITS = Help Independent Tracks Succeed Act
• Allows a $150,000 immediate deduction for music production costs
• Applies to independent musicians, producers, and small labels
• Total annual production costs must not exceed $1 million
• Eliminates the need to capitalize and amortize over multiple years
• Part of OB3’s broader push to support creative professionals

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💬 Notable Quotes:
🗣 “The One Big Beautiful Bill Act carved out a special deduction for smaller musicians and producers called the HITS Act.”
🗣 “Under the Act, production costs can be deducted in the year they’re incurred instead of being amortized.”
🗣 “Taxpayers can now deduct up to $150,000 per qualifying production.”
🗣 “This only applies to productions where costs do not exceed $1 million annually.”

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