Recording Academy (Grammys) Day of Advocacy for Musicians

speady1

Very well Known Member
Gold Supporting Member
Joined
Oct 3, 2007
Messages
915
Reaction score
624
Location
Georgetown, KY
This post has ZERO intention of being political, though it does have to do with current legislation that affects musicians. Mods, please delete if I cross any potential line with this information and accept my apology in advance. However, I think this will be of interest to everyone and we can use help from our members.

As a member of the Recording Academy, I had the opportunity to take part in our District Advocate Day this morning. Being from Kentucky, I was invited to join a call with the Academy's Director of Public Policy and Senate Majority Leader Mitch McConnell's staff, along with 4 other Kentucky musicians that I know. Everyone shared their personal stories and the need to assist music creators during this pandemic as we were the first to shut down and will be the last to start working again. The priorities for the Academy this year are the RESTART Act and the HITS Act. I'm not going to talk about the RESTART Act here, but the HITS Act would allow musicians to fully deduct recording expenses from their taxes next year, up to $150,000. Obviously, that isn't for most of us here, but if you wanted to spend $5,000 recording and putting out a new record, it would be FULLY tax-deductible to you. Currently, recording expenses have to be amortized over several years as expenses. This legislation would bring music releases into line with film and television tax treatment.

My ask is that if you're so inclined, contact your Congressional delegation and ask them to support the HITS Act. It will potentially help thousands of musicians financially. From my perspective, it is a good piece of legislation that has bi-partisan sponsors and is fairly non-controversial to either side of the aisle.

I appreciate everyone taking time to read this.
 

jaymandude

Well-Known Member
Silver Supporting Member
Joined
Jul 3, 2020
Messages
459
Reaction score
405
Thanks for speaking up. There’s a zoom conference on this in Austin tomorrow that happens on Facebook about the same thing.
 

Matched Gripper

Very well Known Member
Joined
May 28, 2019
Messages
692
Reaction score
524
This post has ZERO intention of being political, though it does have to do with current legislation that affects musicians. Mods, please delete if I cross any potential line with this information and accept my apology in advance. However, I think this will be of interest to everyone and we can use help from our members.

As a member of the Recording Academy, I had the opportunity to take part in our District Advocate Day this morning. Being from Kentucky, I was invited to join a call with the Academy's Director of Public Policy and Senate Majority Leader Mitch McConnell's staff, along with 4 other Kentucky musicians that I know. Everyone shared their personal stories and the need to assist music creators during this pandemic as we were the first to shut down and will be the last to start working again. The priorities for the Academy this year are the RESTART Act and the HITS Act. I'm not going to talk about the RESTART Act here, but the HITS Act would allow musicians to fully deduct recording expenses from their taxes next year, up to $150,000. Obviously, that isn't for most of us here, but if you wanted to spend $5,000 recording and putting out a new record, it would be FULLY tax-deductible to you. Currently, recording expenses have to be amortized over several years as expenses. This legislation would bring music releases into line with film and television tax treatment.

My ask is that if you're so inclined, contact your Congressional delegation and ask them to support the HITS Act. It will potentially help thousands of musicians financially. From my perspective, it is a good piece of legislation that has bi-partisan sponsors and is fairly non-controversial to either side of the aisle.

I appreciate everyone taking time to read this.
Found this on the RESTART Act:

 

speady1

Very well Known Member
Gold Supporting Member
Joined
Oct 3, 2007
Messages
915
Reaction score
624
Location
Georgetown, KY
To clarify, the RESTART Act is fairly polarizing to some in D.C. as it includes things that could be considered "pork" but it's the best legislation available to offer the immediate help that's needed.

I don't want this to become a partisan political thread, but both pieces of legislation may be the only thing to save music at this point. Even if we are all given the green light to go play shows, there likely won't be any places left to book us. It's dire right now. Any support given is critical. Thanks in advance.
 

EvEnStEvEn

~Lounge Lizard~
Joined
Aug 4, 2005
Messages
18,415
Reaction score
3,518
Location
Oklur Homer
Even if we are all given the green light to go play shows, there likely won't be any places left to book us. It's dire right now. Any support given is critical.
Indeed. That's why it's equally important to save music venues!
 


Top