Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB1121 Compare Versions

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

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 1121
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 SENATE OF THE UNITED STATES
9	9	MARCH25, 2025
10	10	Mr. W
11	11	ARNER(for himself and Mr. TILLIS) introduced the following bill; which
12	12	was read twice and referred to the Committee on Finance
13	13	A BILL
14	14	To amend the Internal Revenue Code of 1986 to increase
15	15	the adjusted gross income limitation for above-the-line
16	16	deduction of expenses of performing artist employees,
17	17	and for other purposes.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Performing Artist Tax 4
22	22	Parity Act of 2025’’. 5
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25	25	•S 1121 IS
26	26	SEC. 2. ABOVE-THE-LINE DEDUCTION OF EXPENSES OF 1
27	27	PERFORMING ARTISTS. 2
28	28	(a) I
29	29	NGENERAL.—Section 62(a)(2)(B) of the Inter-3
30	30	nal Revenue Code of 1986 is amended— 4
31	31	(1) by striking ‘‘
32	32	PERFORMING ARTISTS .—The 5
33	33	deductions’’ and inserting the following: ‘‘
34	34	PER-6
35	35	FORMING ARTISTS.— 7
36	36	‘‘(i) I
37	37	N GENERAL.—The deductions’’, 8
38	38	and 9
39	39	(2) by adding at the end the following new 10
40	40	clauses: 11
41	41	‘‘(ii) P
42	42	HASEOUT.—The amount of ex-12
43	43	penses taken into account under clause (i) 13
44	44	shall be reduced (but not below zero) by 10 14
45	45	percentage points for each $2,000 ($4,000 15
46	46	in the case of a joint return), or fraction 16
47	47	thereof, by which the taxpayer’s gross in-17
48	48	come for the taxable year exceeds 18
49	49	$100,000 (twice such amount in the case 19
50	50	of a joint return). 20
51	51	‘‘(iii) C
52	52	OST-OF-LIVING ADJUST -21
53	53	MENT.—In the case of any taxable year be-22
54	54	ginning in a calendar year after 2025, the 23
55	55	$100,000 amount under clause (ii) shall be 24
56	56	increased by an amount equal to— 25
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59	59	•S 1121 IS
60	60	‘‘(I) such dollar amount, multi-1
61	61	plied by 2
62	62	‘‘(II) the cost-of-living adjust-3
63	63	ment determined under section 1(f)(3) 4
64	64	for the calendar year in which the tax-5
65	65	able year begins, determined by sub-6
66	66	stituting ‘calendar year 2024’ for ‘cal-7
67	67	endar year 2016’ in subparagraph 8
68	68	(A)(ii) thereof. 9
69	69	If any amount after adjustment under the 10
70	70	preceding sentence is not a multiple of 11
71	71	$1,000, such amount shall be rounded to 12
72	72	the nearest multiple of $1,000.’’. 13
73	73	(b) C
74	74	LARIFICATIONREGARDINGCOMMISSIONPAID 14
75	75	TOPERFORMINGARTIST’SMANAGER ORAGENT.—Sec-15
76	76	tion 62(a)(2)(B)(i) of the Internal Revenue Code of 1986, 16
77	77	as amended by subsection (a), is amended by inserting be-17
78	78	fore the period at the end the following: ‘‘, including any 18
79	79	commission paid to the performing artist’s manager or 19
80	80	agent’’. 20
81	81	(c) I
82	82	NCREASE INTHRESHOLD FOR DETERMINING 21
83	83	N
84	84	OMINALEMPLOYERS.—Section 62(b)(2) of the Internal 22
85	85	Revenue Code of 1986 is amended— 23
86	86	(1) by striking ‘‘An individual’’ and inserting 24
87	87	the following: 25
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90	90	•S 1121 IS
91	91	‘‘(A) IN GENERAL.—An individual’’, 1
92	92	(2) by striking ‘‘$200’’ and inserting ‘‘$500’’, 2
93	93	and 3
94	94	(3) by adding at the end the following new sub-4
95	95	paragraph: 5
96	96	‘‘(B) C
97	97	OST-OF-LIVING ADJUSTMENT .—In 6
98	98	the case of any taxable year beginning in a cal-7
99	99	endar year after 2025, the $500 amount under 8
100	100	subparagraph (A) shall be increased by an 9
101	101	amount equal to— 10
102	102	‘‘(i) such dollar amount, multiplied by 11
103	103	‘‘(ii) the cost-of-living adjustment de-12
104	104	termined under section 1(f)(3) for the cal-13
105	105	endar year in which the taxable year be-14
106	106	gins, determined by substituting ‘calendar 15
107	107	year 2024’ for ‘calendar year 2016’ in sub-16
108	108	paragraph (A)(ii) thereof. 17
109	109	If any amount after adjustment under the pre-18
110	110	ceding sentence is not a multiple of $50, such 19
111	111	amount shall be rounded to the nearest multiple 20
112	112	of $50.’’. 21
113	113	(d) T
114	114	ECHNICAL ANDCONFORMINGAMENDMENTS.— 22
115	115	(1) Section 62(a)(2)(B)(i) of the Internal Rev-23
116	116	enue Code of 1986, as amended by the preceding 24
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119	119	•S 1121 IS
120	120	provisions of this Act, is amended by striking ‘‘by 1
121	121	him’’ and inserting ‘‘by the performing artist’’. 2
122	122	(2) Section 62(b)(1) of such Code is amended 3
123	123	by inserting ‘‘and’’ at the end of subparagraph (A), 4
124	124	by striking ‘‘, and’’ at the end of subparagraph (B) 5
125	125	and inserting a period, and by striking subparagraph 6
126	126	(C). 7
127	127	(e) E
128	128	FFECTIVEDATE.—The amendments made by 8
129	129	this section shall apply to taxable years beginning after 9
130	130	December 31, 2024. 10
131	131	Æ
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