[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.
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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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