Performing Artist Tax Parity Act of 2021

Performing Artist Tax Parity Act of 2021

This bill modifies the tax deduction for the expenses of performing artists (including commissions paid to managers or agents) to provide for a phaseout of such deduction for taxpayers whose adjusted gross income exceeds $100,000 ($200,000 for joint return filers). The $100,000 phaseout threshold is adjusted for inflation annually for taxable years beginning after 2021.

Bill 117 HR 4750, also known as the Performing Artist Tax Parity Act of 2021, aims to provide tax relief for performing artists in the United States. The bill seeks to amend the Internal Revenue Code to allow performing artists to deduct certain expenses related to their work, such as travel, meals, and lodging, from their taxable income.

The bill also proposes to extend the above-the-line deduction for performing artists, which was previously available only for educators, to include performing artists as well. This deduction allows performing artists to deduct up to $250 of qualified expenses from their taxable income, even if they do not itemize their deductions.

Additionally, the Performing Artist Tax Parity Act of 2021 would allow performing artists to treat income earned from performances in multiple states as if it were earned in a single state for tax purposes. This provision aims to simplify the tax filing process for performing artists who often travel and perform in multiple states throughout the year. Overall, the bill seeks to provide tax relief and parity for performing artists, recognizing the unique challenges and expenses they face in their line of work. It aims to support and encourage the arts industry in the United States by making it easier for performing artists to deduct expenses and file their taxes.