1. Short title This Act may be cited as the Help Independent Tracks Succeed Act or the HITS Act . 2. Treatment of certain qualified sound recording productions (a) Election To treat costs as expenses Section 181(a)(1) of the Internal Revenue Code of 1986 is amended by striking qualified film or television production, and any qualified live theatrical production, and inserting qualified film or television production, any qualified live theatrical production, and any qualified sound recording production . (b) Dollar limitation Section 181(a)(2) of such Code is amended by adding at the end the following new paragraph: (C) Qualified sound recording production Paragraph (1) shall not apply to so much of the aggregate cost of any qualified sound recording production, or to so much of the aggregate, cumulative cost of all such qualified sound recording productions in the taxable year, as exceeds $150,000. . (c) No other deduction or amortization deduction allowable Section 181(b) of such Code is amended by striking qualified film or television production or any qualified live theatrical production and inserting qualified film or television production, any qualified live theatrical production, or any qualified sound recording production . (d) Election Section 181(c)(1) of such Code is amended by striking qualified film or television production or any qualified live theatrical production and inserting qualified film or television production, any qualified live theatrical production, or any qualified sound recording production . (e) Qualified sound recording production defined Section 181 of such Code is amended by redesignating subsections (f) and (g) as subsections (g) and (h), respectively, and by inserting after subsection (e) the following new subsection: (f) Qualified sound recording production For purposes of this section, the term qualified sound recording production means a sound recording (as defined in section 101 of title 17, United States Code) produced and recorded in the United States. . (f) Bonus