To amend the Internal Revenue Code of 1986 to increase the adjusted gross income limitation for the above-the-line deduction of expenses of performing artist employees, and for other purposes.
About This Bill
Committee
Latest Action · July 23, 2024
Read twice and referred to the Committee on Finance.
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.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.