[Congressional Record Volume 167, Number 49 (Tuesday, March 16, 2021)]
[Senate]
[Pages S1571-S1572]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTION
By Mrs. FEINSTEIN (for herself and Mrs. Blackburn):
S. 752. A bill to amend the Internal Revenue Code of 1986 to provide
for an election to expense certain qualified sound recording costs
otherwise chargeable to capital account; to the Committee on Finance.
Mrs. FEINSTEIN. Mr. President, I rise to speak in support of the
``Help Independent Tracks Succeed (HITS) Act,'' which Senator Blackburn
and I introduced today. Representatives Linda Sanchez (D-CA) and Ron
Estes (R-KS) have introduced companion legislation in the House of
Representatives.
Since the start of the COVID-19 pandemic, I have consistently heard
from independent musicians and producers in California who have lost a
large percentage of their incomes due to concerts, festivals, and other
events being cancelled.
With many live performance stages and venues across the Nation closed
for months as a result of the pandemic, independent musicians and music
makers such as technicians and creators have suffered significant loss
of income.
According to a survey by the Copyright Alliance, 88 percent of
creators have lost income due to the coronavirus pandemic, which is
more than double the national average. Approximately half of survey
respondents had lost 90 percent or more of their income.
Our bill would provide some relief to music creators by allowing
independent musicians, technicians, and music producers to deduct the
cost of producing new musical recordings, putting them on a level
playing field with other arts productions.
The U.S. Tax Code allows film, television, and theater productions to
fully deduct production expenses in the year they are incurred.
[[Page S1572]]
However, recording artists are not given the same treatment, and are
forced instead to amortize their production expenses over a number of
years.
The HITS Act would allow qualified sound recording producers to
deduct 100% of recording production expenses--up to $150,000--in the
year they are incurred, rather than in later years.
Because this change would simply accelerate a tax deduction that
already exists, the bill's expected cost would be minimal.
In addition, because the deduction would be capped at $150,000 per
production, our legislation would benefit smaller, independent
musicians and music producers rather than large companies.
The coronavirus pandemic has had a dramatic impact on music creators
around the Nation. Our bill would help create parity between musical
creators and other creative producers, stimulate the economy, and get
music makers back to work.
I hope my colleagues will join me in support of this bill. Thank you,
Mr. President, and I yield the floor.
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By Mr. THUNE (for himself, Ms. Stabenow, Mr. Portman, Ms.
Baldwin, Mrs. Capito, and Mr. Cardin):
S. 773. A bill to enable certain hospitals that were participating in
or applied for the drug discount program under section 340B of the
Public Health Service Act prior to the COVID-19 public health emergency
to temporarily maintain eligibility for such program, and for other
purposes; to the Committee on Health, Education, Labor, and Pensions.
Mr. THUNE. Mr. President, I ask unanimous consent that the text of
the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 773
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. ELIGIBILITY EXCEPTION FOR THE DRUG DISCOUNT
PROGRAM DUE TO THE COVID-19 PUBLIC HEALTH
EMERGENCY.
(a) In General.--Notwithstanding any other provision of
law, a hospital described in subsection (b) that, for an
applicable calendar quarter, otherwise meets the requirements
for being a covered entity under subparagraph (L), (M), or
(O) of subsection (a)(4) of section 340B of the Public Health
Service Act (42 U.S.C. 256b) and is in compliance with all
other requirements of the program under such section, but
that, for such calendar quarter, does not meet the applicable
requirement for the disproportionate share adjustment
percentage described in subsection (c), shall be deemed a
covered entity under such respective subparagraph for such
applicable calendar quarter.
(b) Hospitals.--A hospital described in this subsection
is--
(1) an entity that, on the day before the first day of the
COVID-19 public health emergency, was a covered entity
described in subparagraph (L), (M), or (O) of subsection
(a)(4) of section 340B of the Public Health Service Act
participating in the drug discount program under such
section; or
(2) an entity that--
(A) prior to the COVID-19 public health emergency,
submitted an application for participation in such program as
a covered entity described in subparagraph (L), (M), or (O)
of section 340B(a)(4) of the Public Health Service Act;
(B) prior to or during such emergency, was approved for
such participation; and
(C) during such emergency, began participating in such
program.
(c) Applicable Requirement for Disproportionate Share
Adjustment Percentage.--The applicable requirement for the
disproportionate share adjustment percentage described in
this subsection is--
(1) in the case of a hospital described in subsection (a)
that otherwise meets the requirements under subparagraph (L)
or (M) of section 340B(a)(4) of the Public Health Service
Act, the requirement under subparagraph (L)(ii) of such
section; and
(2) in the case of a hospital described in subsection (a)
that otherwise meets the requirements under subparagraph (O)
of such section 340B(a)(4), the requirement with respect to
the disproportionate share adjustment percentage described in
such subparagraph (O).
(d) Definitions.--In this section:
(1) Applicable calendar quarter.--The term ``applicable
calendar quarter'' means a calendar quarter for which
eligibility for the drug discount program under section 340B
of the Public Health Service Act (42 U.S.C. 256b) is based on
a cost reporting period for which the COVID-19 public health
emergency is in effect for all or part of such cost reporting
period.
(2) Covered entity.--The term ``covered entity'' has the
meaning given such term in section 340B(a)(4) of the Public
Health Service Act (42 U.S.C. 256b(a)(4)).
(3) COVID-19 public health emergency.--The term ``COVID-19
public health emergency'' means the public health emergency
declared by the Secretary of Health and Human Services under
section 319 of the Public Health Service Act (42 U.S.C. 247d)
on January 31, 2020, with respect to COVID-19.
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