A pair of lawmakers in Congress, Rep. Judy Chu, D-Calif., and Vern Buchanan, R-Fla., introduced bipartisan legislation Wednesday to fix a problem in the Tax Cuts and Jobs Act that makes it difficult for performing artists to deduct their work-related expenses.
The bill, known as the Performing Artist Tax Parity Act, would update the Qualified Performing Artist (QPA) tax deduction that helps artists deduct the costs of work-related expenses. The Tax Cuts and Jobs Act eliminated the ability to claim miscellaneous itemized deductions, which used to enable artists to deduct their work expenses. The elimination of these deductions has caused many artists to pay thousands more in taxes, the lawmakers noted. The Performing Artist Tax Parity Act would fix this problem by updating the thresholds of the Qualified Performing Artists Deduction to permit more lower- and middle-income artists to use it. READ MORE
