H.R. 761 proposes changes to the Internal Revenue Code of 1986 to allow creators of sound recordings to expense certain production costs immediately, rather than capitalizing them. This means that the costs of producing qualified sound recordings—created and recorded in the...
Simple Explanation
Here's a bill that changes tax rules so people who make music in the U.S. can spend less money on taxes by writing off their music-making costs right away, instead of waiting. It helps small music projects but might be tricky for bigger ones or those made outside the U.S.