Us Congress 2025-2026 Regular Session

Us Congress House Bill HB721 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 721
5	5	To amend the Internal Revenue Code of 1986 to increase the adjusted
6	6	gross income limitation for above-the-line deduction of expenses of per-
7	7	forming artist employees, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY24, 2025
10	10	Mr. B
11	11	UCHANAN(for himself, Mr. FITZPATRICK, Ms. MALLIOTAKIS, Mr.
12	12	C
13	13	AREY, Mr. LAWLER, Ms. CHU, Ms. SA´NCHEZ, Mr. BOYLEof Pennsyl-
14	14	vania, Mr. P
15	15	ANETTA, Mr. HORSFORD, Mr. DOGGETT, Mr. DAVISof Illi-
16	16	nois, Mr. S
17	17	CHNEIDER, and Mr. GOMEZ) introduced the following bill;
18	18	which was referred to the Committee on Ways and Means
19	19	A BILL
20	20	To amend the Internal Revenue Code of 1986 to increase
21	21	the adjusted gross income limitation for above-the-line
22	22	deduction of expenses of performing artist employees,
23	23	and for other purposes.
24	24	Be it enacted by the Senate and House of Representa-1
25	25	tives of the United States of America in Congress assembled, 2
26	26	SECTION 1. SHORT TITLE. 3
27	27	This Act may be cited as the ‘‘Performing Artist Tax 4
28	28	Parity Act of 2025’’. 5
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31	31	•HR 721 IH
32	32	SEC. 2. ABOVE-THE-LINE DEDUCTION OF EXPENSES OF 1
33	33	PERFORMING ARTISTS. 2
34	34	(a) I
35	35	NGENERAL.—Section 62(a)(2)(B) of the Inter-3
36	36	nal Revenue Code of 1986 is amended— 4
37	37	(1) by striking ‘‘
38	38	PERFORMING ARTISTS .—The 5
39	39	deductions’’ and inserting the following: ‘‘
40	40	PER-6
41	41	FORMING ARTISTS.— 7
42	42	‘‘(i) I
43	43	N GENERAL.—The deductions’’, 8
44	44	and 9
45	45	(2) by adding at the end the following new 10
46	46	clauses: 11
47	47	‘‘(ii) P
48	48	HASEOUT.—The amount of ex-12
49	49	penses taken into account under clause (i) 13
50	50	shall be reduced (but not below zero) by 10 14
51	51	percentage points for each $2,000 ($4,000 15
52	52	in the case of a joint return), or fraction 16
53	53	thereof, by which the taxpayer’s gross in-17
54	54	come for the taxable year exceeds 18
55	55	$100,000 (200 percent of such amount in 19
56	56	the case of a joint return). 20
57	57	‘‘(iii) C
58	58	OST-OF-LIVING ADJUST -21
59	59	MENT.—In the case of any taxable year be-22
60	60	ginning in a calendar year after 2025, the 23
61	61	$100,000 amount under clause (ii) shall be 24
62	62	increased by an amount equal to— 25
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66	66	‘‘(I) such dollar amount, multi-1
67	67	plied by 2
68	68	‘‘(II) the cost-of-living adjust-3
69	69	ment determined under section 1(f)(3) 4
70	70	for the calendar year in which the tax-5
71	71	able year begins, determined by sub-6
72	72	stituting ‘calendar year 2024’ for ‘cal-7
73	73	endar year 2016’ in subparagraph 8
74	74	(A)(ii) thereof. 9
75	75	If any amount after adjustment under the 10
76	76	preceding sentence is not a multiple of 11
77	77	$1,000, such amount shall be rounded to 12
78	78	the nearest multiple of $1,000.’’. 13
79	79	(b) C
80	80	LARIFICATIONREGARDINGCOMMISSIONPAID 14
81	81	TOPERFORMINGARTIST’SMANAGER ORAGENT.—Sec-15
82	82	tion 62(a)(2)(B)(i) of such Code, as amended by sub-16
83	83	section (a), is amended by inserting before the period at 17
84	84	the end the following: ‘‘, including any commission paid 18
85	85	to the performing artist’s manager or agent’’. 19
86	86	(c) I
87	87	NCREASE INTHRESHOLD FOR DETERMINING 20
88	88	N
89	89	OMINALEMPLOYERS.—Section 62(b)(2) of such Code is 21
90	90	amended— 22
91	91	(1) by striking ‘‘An individual’’ and inserting 23
92	92	the following: 24
93	93	‘‘(A) I
94	94	N GENERAL.—An individual’’, 25
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98	98	(2) by striking ‘‘$200’’ and inserting ‘‘$500’’, 1
99	99	and 2
100	100	(3) by adding at the end the following new sub-3
101	101	paragraph: 4
102	102	‘‘(B) C
103	103	OST-OF-LIVING ADJUSTMENT .—In 5
104	104	the case of any taxable year beginning in a cal-6
105	105	endar year after 2025, the $500 amount under 7
106	106	subparagraph (A) shall be increased by an 8
107	107	amount equal to— 9
108	108	‘‘(i) such dollar amount, multiplied by 10
109	109	‘‘(ii) the cost-of-living adjustment de-11
110	110	termined under section 1(f)(3) for the cal-12
111	111	endar year in which the taxable year be-13
112	112	gins, determined by substituting ‘calendar 14
113	113	year 2024’ for ‘calendar year 2016’ in sub-15
114	114	paragraph (A)(ii) thereof. 16
115	115	If any amount after adjustment under the pre-17
116	116	ceding sentence is not a multiple of $50, such 18
117	117	amount shall be rounded to the nearest multiple 19
118	118	of $50.’’. 20
119	119	(d) C
120	120	ONFORMINGAMENDMENTS.— 21
121	121	(1) Section 62(a)(2)(B)(i) of such Code, as 22
122	122	amended by the preceding provisions of this Act, is 23
123	123	amended by striking ‘‘by him’’ and inserting ‘‘by the 24
124	124	performing artist’’. 25
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127	127	•HR 721 IH
128	128	(2) Section 62(b)(1) of such Code is amended 1
129	129	by inserting ‘‘and’’ at the end of subparagraph (A), 2
130	130	by striking ‘‘, and’’ at the end of subparagraph (B) 3
131	131	and inserting a period, and by striking subparagraph 4
132	132	(C). 5
133	133	(e) E
134	134	FFECTIVEDATE.—The amendments made by 6
135	135	this section shall apply to taxable years beginning after 7
136	136	December 31, 2024. 8
137	137	Æ
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