What is the official ID of this bill?
The official print number for this legislation is HR 4750.
Tax Relief for Artists: Increased Deductions for Work Expenses.
This bill aims to make it easier for performing artists to deduct work-related expenses from their taxes. It raises the income limit at which deductions are phased out, potentially leading to lower taxes for many artists. The bill also clarifies that commissions paid to managers and agents are deductible expenses.
Key points
Increased income limit for performing artists before their tax deductions are gradually reduced. The limit rises to $100,000 for individuals and $200,000 for joint filers.
Allows for the deduction of commissions paid to performing artists' managers or agents from taxable income.
Introduces an annual cost-of-living adjustment to the income limit, meaning the limit will be adjusted for inflation.
Changes apply to taxable years beginning after December 31, 2020, potentially impacting past tax filings.
Status:
Expired
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