,,ii  #aagth ,,congress  #ast ,session  
,s4 #geb  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #af1         
#bjba,mrs4 ,feinstein 7for herself and  
,mrs4 ,blackburn7 introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,finance 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to provide for  
an election to expense certain qualified
 sound recording costs otherwise        
chargeable to capital account4  #a4     
,short title ,this ,act may be cited as 
the ,help ,independent ,tracks ,succeed 
,act or the ,,hits ,act4  #b4 ,treatment
 of certain qualified sound recording   
productions  7a7 ,election ,to treat    
costs as expenses ,section #aha7;a77#a7 
of the ,internal ,revenue ,code of #aihf
 is amended by striking qualified film  
or television production1 and any       
qualified live theatrical production1   
and inserting qualified film or         
television production1 any qualified    
live theatrical production1 and any     

qualified sound recording production4   
7b7 ,dollar limitation ,section         
#aha7;a77#b7 of such ,code is amended by
 adding at the end the following new    
paragraph3  7,c7 ,qualified sound       
recording production ,paragraph 7#a7    
shall not apply to so much of the       
aggregate cost of any qualified sound   
recording production1 or to so much of  
the aggregate1 cumulative cost of all   
such qualified sound recording          
productions in the taxable year1 as     
exceeds #aej1jjj4  4  7c7 ,no other     
deduction or amortization deduction     
allowable ,section #aha7;b7 of such     
,code is amended by striking qualified  
film or television production or any    
qualified live theatrical production and
 inserting qualified film or television 
production1 any qualified live          
theatrical production1 or any qualified 
sound recording production4  7d7        
,election ,section #aha7;c77#a7 of such 
,code is amended by striking qualified  
film or television production or any    

qualified live theatrical production and
 inserting qualified film or television 
production1 any qualified live          
theatrical production1 or any qualified 
sound recording production4  7e7        
,qualified sound recording production   
defined ,section #aha of such ,code is  
amended by redesignating subsections 7f7
 and 7g7 as subsections 7g7 and 7h71    
respectively1 and by inserting after    
subsection 7e7 the following new        
subsection3  7f7 ,qualified sound       
recording production ,for purposes of   
this section1 the term qualified sound  
recording production means a sound      
recording 7as defined in section #aja of
 title #ag1 ,united ,states ,code7      
produced and recorded in the ,united    
,states4  4  7f7 ,bonus depreciation    
7#a7 ,qualified sound recording         
production as qualified property        
,section #afh7k77#b77;,a77i7 of such    
,code is amended-- 7,a7 by striking or  
at the end of subclause 7,,iv71 by      
adding or at the end of subclause 7,v71 

and by inserting after subclause 7,v7   
the following3  7,,vi7 which is a       
qualified sound recording production 7as
 defined in subsection 7f7 of section   
#aha7 for which a deduction would have  
been allowable under section #aha       
without regard to subsections 7a77#b7   
and 7h7 of such section or this         
subsection1  2 and  7,b7 in subclauses  
7,,iv7 and 7,v7 7as amended7 by striking
 without regard to subsections 7a77#b7  
and 7g7 both places it appears and      
inserting without regard to subsections 
7a77#b7 and 7h74  7#b7 ,production      
placed in service ,section              
#afh7k77#b77;,h7 of such ,code is       
amended by striking and at the end of   
clause 7i71 by striking the period at   
the end of clause 7ii7 and inserting 1  
and1 and by adding after clause 7ii7 the
 following3  7iii7 a qualified sound    
recording production shall be considered
 to be placed in service at the time of 
initial release or broadcast4  4  7g7   
,conforming amendments  7#a7 ,the       

heading for section #aha of such ,code  
is amended to read as follows3          
,treatment of certain qualified         
productions44  7#b7 ,the table of       
sections for part ,,vi of subchapter ,b 
of chapter #a of such ,code is amended  
by striking the item relating to section
 #aha and inserting the following new   
item3  ,sec4 #aha4 ,treatment of certain
 qualified productions4  4  7h7         
,effective date ,the amendments made by 
this section shall apply to productions 
commencing in taxable years ending after
 the date of the enactment of this ,act4