A bill to amend the Internal Revenue Code of 1986 to increase the adjusted gross income limitation for the above-the-line deduction of expenses of performing artist employees, and for other purposes.

Bill 118 s 4747, also known as the Performing Artist Tax Parity Act, aims to amend the Internal Revenue Code of 1986 in order to raise the adjusted gross income limitation for the above-the-line deduction of expenses for performing artist employees. This deduction allows performing artists to deduct certain work-related expenses from their taxable income, providing them with some financial relief.

The bill seeks to increase the income threshold at which performing artists can claim this deduction, making it more accessible to a wider range of individuals in the performing arts industry. By doing so, the legislation aims to provide support to performing artists who often incur significant expenses in order to pursue their careers.

In addition to increasing the adjusted gross income limitation, the bill also includes provisions for other purposes related to supporting performing artists. These additional purposes may include further tax relief or benefits for performing artists, although specific details are not provided in the summary. Overall, the Performing Artist Tax Parity Act is designed to provide financial assistance to performing artists by making it easier for them to deduct work-related expenses from their taxable income. This could potentially help alleviate some of the financial burdens faced by individuals in the performing arts industry and support their ability to continue pursuing their careers.