Performing Artist Tax Parity Act of 2025

Hozzl · 2025-02-22T06:23:49Z

Explore the details of House Bill 721 Performing Artist Tax Parity Act of 2025 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/22/2025, 6:23 AM

Summary of Bill HR 721

Bill 119 HR 721 aims to make changes to the Internal Revenue Code of 1986 in order to benefit performing artist employees. Specifically, the bill seeks to increase the adjusted gross income limitation for above-the-line deduction of expenses for these individuals. This means that performing artists would be able to deduct more of their expenses from their taxable income, potentially reducing the amount of taxes they owe.

The bill does not specify the exact amount by which the adjusted gross income limitation would be increased, but it is clear that the intention is to provide financial relief to performing artists who often incur significant expenses related to their work. This could include costs such as travel, costumes, equipment, and training.

In addition to the above-the-line deduction provision, the bill also includes language stating that it is intended for "other purposes," which leaves room for potential additional changes or provisions related to performing artist employees. Overall, Bill 119 HR 721 is focused on providing tax benefits to performing artists by allowing them to deduct more of their expenses from their taxable income. This could potentially help alleviate some of the financial burdens faced by these individuals and support their ability to continue pursuing their careers in the arts.

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Current Status of Bill HR 721

Bill HR 721 is currently in the status of Bill Introduced since January 24, 2025. Bill HR 721 was introduced during Congress 119 and was introduced to the House on January 24, 2025. Bill HR 721's most recent activity was Referred to the House Committee on Ways and Means. as of January 24, 2025

Bipartisan Support of Bill HR 721

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Policy Area and Potential Impact of Bill HR 721

Primary Policy Focus

Alternate Title(s) of Bill HR 721

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.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.

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