America’s struggling actors and performers would get an updated federal tax deduction under bipartisan legislation introduced on April 19 by U.S. Rep. Vern Buchanan (R-FL).
Specifically, the Performing Arts Tax Parity Act would align the existing Qualified Performing Artist tax deduction for actors and performers with cost-of-living increases. The bill is also supported by U.S. Rep. Judy Chu (D-CA).
“The overwhelming majority of performing artists are lower-income and middle-class Americans struggling to make ends meet,” Rep. Buchanan said on Wednesday. “Congresswoman Chu and I are fighting to update this nearly 40-year-old law to deliver needed tax relief for performing artists in Southwest Florida and across the country.”
Since being signed into law in 1986 by President Ronald Reagan, the tax code has allowed working artists to take an above-the-line tax deduction for work-related expenses. However, the provision has not been updated since its inception and is only available to taxpayers making less than $16,000 a year, the information says.
If enacted, the measure would increase the income ceiling to $100,000 for individuals and $200,000 for married joint filers, and includes an automatic Consumer Price Index For All Urban Consumers increase to ensure that the deduction remains relevant as the cost of living increases in the future.
“In an already demanding industry, paying for professional essentials like transportation, a talent agent, or equipment should not prevent entertainers from meeting their basic needs,” said Rep. Chu. “I am proud to once again join in a bipartisan effort with Congressman Buchanan to ensure that entertainment professionals get the tax relief they deserve.”
SAG-AFTRA and the Actors’ Equity Association endorsed the measure, according to Rep. Buchanan.
“I know firsthand that our performing arts institutions and local talented performers are a tremendous asset in our community,” said the congressman. “This bipartisan legislation would help those creative workers unable to deduct expenses that relate directly to their employment and livelihoods.”