Performing Artist Tax Parity Act of 2021

Senate Bill 2872 - Performing Artist Tax Parity Act of 2021: Overview, Status, and Impact

Hozzl · 2022-12-30T07:03:59Z

Explore the details of Senate Bill 2872 Performing Artist Tax Parity Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 7:03 AM

Congressional Summary of S 2872

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.

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Current Status of Bill S 2872

Bill S 2872 is currently in the status of Bill Introduced since September 28, 2021. Bill S 2872 was introduced during Congress 117 and was introduced to the Senate on September 28, 2021. Bill S 2872's most recent activity was Read twice and referred to the Committee on Finance. as of September 28, 2021

Bipartisan Support of Bill S 2872

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2872

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 2872

Performing Artist Tax Parity Act of 2021

A bill 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.

Performing Artist Tax Parity Act of 2021