[Congressional Record Volume 169, Number 82 (Tuesday, May 16, 2023)]
[Senate]
[Pages S1680-S1681]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mrs. FEINSTEIN (for herself and Mrs. Blackburn):
  S. 1625. 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. Madam President, I rise to speak in support of the 
Help Independent Tracks Succeed (HITS)

[[Page S1681]]

Act, which Senator Blackburn and I introduced today. Representatives 
Linda Sanchez and Ron Estes have introduced companion legislation in 
the House of Representatives.
  The U.S. Tax Code allows film, television, and theater productions to 
fully deduct production expenses in the year they are incurred.
  However, recording artists are not given the same treatment and 
instead must amortize their production expenses over a number of years.
  Moreover, many live performance stages and venues across the country 
closed for months as a result of the pandemic. Independent musicians 
and music makers, including both technicians and creators, suffered 
more than most other professions during this period, and many continue 
to recover.
  Our bill would provide a measure of relief to music creators by 
allowing independent musicians, technicians, and music producers to 
deduct the costs of producing new musical and other sound recordings in 
the year they are incurred, thereby putting them on a level playing 
field with film, television, and theater productions.
  Specifically, the bill 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 cost would be modest.
  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.
  Music has inspired, comforted, and entertained each of us. Our bill 
would help create parity between musical creators and other creative 
producers and stimulate a sector of the economy that is a fundamental 
part of each of our lives.
  I hope my colleagues will join me in support of this bill.
                                 ______
                                 
      By Mr. DURBIN (for himself and Mr. Moran):
  S. 1628. A bill to prioritize funding for an expanded and sustained 
national investment in agriculture research; to the Committee on 
Agriculture, Nutrition, and Forestry.
  Mr. DURBIN. Madam 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. 1628

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``America Grows Act of 2023''.

     SEC. 2. FUNDING.

       (a) In General.--There is appropriated, out of any money in 
     the Treasury not otherwise appropriated, to each funding 
     recipient described in subsection (b) for the programs, 
     projects, and activities of such funding recipient, the 
     following amounts:
       (1) For fiscal year 2024, the amount equal to 105 percent 
     of the amount of new budget authority made available in 
     appropriation Acts for that funding recipient for fiscal year 
     2023, increased by the percentage increase (if any), during 
     fiscal year 2023, in the Consumer Price Index for all urban 
     consumers published by the Bureau of Labor Statistics.
       (2) For each of fiscal years 2025 through 2033, the amount 
     equal to 105 percent of the amount appropriated to that 
     funding recipient under this subsection for the previous 
     fiscal year, increased by the percentage increase (if any), 
     during such previous fiscal year, in the Consumer Price Index 
     for all urban consumers published by the Bureau of Labor 
     Statistics.
       (3) For fiscal year 2034, and each fiscal year thereafter, 
     the amount appropriated under this paragraph for the previous 
     fiscal year, increased by the percentage increase (if any), 
     during such previous fiscal year, in the Consumer Price Index 
     for all urban consumers published by the Bureau of Labor 
     Statistics.
       (b) Funding Recipients Described.--The funding recipients 
     described in this subsection are--
       (1) the Agricultural Research Service;
       (2) the Economic Research Service;
       (3) the National Agricultural Statistics Service; and
       (4) the National Institute of Food and Agriculture.
       (c) Availability.--Each amount appropriated under 
     subsection (a) shall remain available for obligation through 
     the last day of the fiscal year for which such amount is 
     appropriated.

     SEC. 3. EXEMPTION FROM SEQUESTRATION.

       (a) In General.--Section 255(g)(1)(A) of the Balanced 
     Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 
     905(g)(1)(A)) is amended by inserting after ``Advances to the 
     Unemployment Trust Fund and Other Funds (16-0327-0-1-600).'' 
     the following:
       ``Appropriations made available under section 2(a) of the 
     America Grows Act of 2023.''.
       (b) Applicability.--The amendment made by subsection (a) 
     shall apply to any sequestration order issued under the 
     Balanced Budget and Emergency Deficit Control Act of 1985 (2 
     U.S.C. 900 et seq.) on or after the date of enactment of this 
     Act.

     SEC. 4. BUDGETARY EFFECTS.

       (a) Statutory Paygo Scorecards.--The budgetary effects of 
     this Act shall not be entered on either PAYGO scorecard 
     maintained pursuant to section 4(d) of the Statutory Pay As-
     You-Go Act of 2010 (2 U.S.C. 933(d)).
       (b) Senate Paygo Scorecards.--The budgetary effects of this 
     Act shall not be entered on any PAYGO scorecard maintained 
     for purposes of section 4106 of H. Con. Res. 71 (115th 
     Congress).

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