Warner co-sponsors legislation to provide more performing artists with tax-deduction opportunities

U.S. Senators Mark Warner (D-VA) and Thom Tillis (R-NC) have introduced legislation that would allow many more working artists to deduct from their taxable income the cost of expenses incurred during their employment. The Performing Artist Tax Parity Act would increase from ,000 to 0,000 the annual income ceiling for artists who would be eligible for the Qualified Performing Artist tax deduction, which has not been updated since its 1986 inception. The new legislation also would increase that income ceiling to 0,000 for married joint filers. Under current law, most artists are unable to claim the deduction, which is designed...

Article Link