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Internal Revenue Code of 1986

The primary federal tax law of the United States.

Expense

To deduct the full cost of an asset from taxable income in the year it was purchased or incurred, rather than spreading the deduction over several years.

Capital Account

An accounting term referring to assets that are expected to provide benefits over many years, whose costs are typically deducted over time (depreciated or amortized) rather than all at once.

Qualified Sound Recording Production

A sound recording that is produced and recorded within the United States, meeting specific criteria to be eligible for certain tax benefits under this bill.

Amortization Deduction

A method of deducting the cost of an intangible asset (like a sound recording) over its useful life, rather than expensing it all at once.

Bonus Depreciation

A tax incentive that allows businesses to deduct a larger portion of the cost of eligible property in the year it is placed in service, typically more than regular depreciation.

Taxable Year

The annual accounting period used for keeping records and reporting income and expenses for tax purposes, usually a calendar year.