Tax deductions for independent music production costs in the US.
This law introduces new tax rules for individuals and companies producing sound recordings in the United States. It allows independent artists and small labels to immediately deduct up to $150,000 of production costs, rather than spreading them out over several years. This change aims to boost cash flow and support the domestic music industry.
Key points
Allows immediate deduction (expensing) of qualified sound recording production costs, up to $150,000 per year, instead of capitalizing them.
The tax benefit applies only to recordings produced and recorded within the United States.
The deduction is available when the recording is first released or broadcast.
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