summary
Introduced
06/05/2019
06/05/2019
In Committee
06/05/2019
06/05/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to increase the adjusted gross income limitation for above-the-line deduction of expenses of performing artist employees, and for other purposes. This bill amends the Internal Revenue Code, with respect to the above-the-line deduction of expenses of performing artist employees, to increase to $100,000 ($200,000 for joint returns) the adjusted gross income limitation for calculating the phaseout of the deduction. The increased amount is adjusted for inflation for taxable years beginning after 2019.
AI Summary
This bill amends the Internal Revenue Code to increase the adjusted gross income limitation for the above-the-line deduction of expenses of performing artist employees. Specifically, it raises the phaseout threshold for this deduction from $16,000 ($32,000 for joint returns) to $100,000 ($200,000 for joint returns), and indexes this amount for inflation starting in 2020. The bill also clarifies that commissions paid to a performing artist's manager or agent are eligible for this deduction. These changes are intended to provide tax parity for professional performing artists and help offset the high expenses they often incur for their work.
Committee Categories
Budget and Finance
Sponsors (30)
Judy Chu (D)*,
Earl Blumenauer (D),
Brendan Boyle (D),
Julia Brownley (D),
Vern Buchanan (R),
Yvette Clarke (D),
Steve Cohen (D),
Doug Collins (R),
Danny Davis (D),
Rodney Davis (R),
Brian Fitzpatrick (R),
Jimmy Gomez (D),
Brian Higgins (D),
Kendra Horn (D),
Pramila Jayapal (D),
John Katko (R),
Dan Kildee (D),
Ted Lieu (D),
Grace Napolitano (D),
Bill Pascrell (D),
Chellie Pingree (D),
Harley Rouda (D),
Linda Sánchez (D),
Adam Schiff (D),
Brad Schneider (D),
Brad Sherman (D),
Elise Stefanik (R),
Steve Stivers (R),
Tom Suozzi (D),
Mike Turner (R),
Last Action
Referred to the House Committee on Ways and Means. (on 06/05/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/3121/all-info | 06/06/2019 |
| BillText | https://www.congress.gov/116/bills/hr3121/BILLS-116hr3121ih.pdf | 06/16/2019 |
| Bill | https://www.congress.gov/116/bills/hr3121/BILLS-116hr3121ih.pdf.pdf | 06/16/2019 |
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