Bill > S4747

This bill, the Performing Artist Tax Parity Act of 2024, amends the Internal Revenue Code to increase the adjusted gross income limitation for the above-the-line deduction of expenses for performing artist employees. Specifically, it introduces a phaseout of the deduction based on the taxpayer's gross income, with the deduction being reduced by 10 percentage points for every $2,000 ($4,000 for joint returns) that the taxpayer's gross income exceeds $100,000 ($200,000 for joint returns). The bill also provides for a cost-of-living adjustment to the income threshold and increases the threshold for determining nominal employers from $200 to $500, with a similar cost-of-living adjustment. These changes are intended to provide tax parity for performing artists and better reflect the expenses they incur in their work.