The Performing Artist Tax Parity Act of 2024 makes several changes to federal tax law to benefit performing artists. The bill increases the income threshold at which performing artists begin to lose their above-the-line deduction for work-related expenses from its current level to $100,000 for single filers and $200,000 for joint filers, with the deduction phasing out gradually as income exceeds these amounts. The legislation also clarifies that commissions paid to a performing artist's manager or agent can be deducted as business expenses, and raises the threshold for determining when someone has a "nominal employer" from $200 to $500. Both the income threshold and the nominal employer threshold will be automatically adjusted annually for inflation beginning in 2025. These changes take effect for tax years beginning after December 31, 2023, providing retroactive relief for performers who may have faced restrictions on deducting their professional expenses in recent years.