Search Results for keywords:"nominal employers threshold"

Search Results: keywords:"nominal employers threshold"

S. 4747 — To amend the Internal Revenue Code of 1986 to increase the adjusted gross income limitation for the above-the-line deduction of expenses of performing artist employees, and for other purposes.
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July 23, 2024
Status:Introduced in Senate
Congress:118
Words:871
S. 4747 aims to change the tax rules for performing artists in the United States. The bill proposes to raise the income limit for artists to qualify for certain tax deductions, specifically for expenses related to their work. It also introduces adjustments based on living...
Simple Explanation
S. 4747 is a bill that wants to help artists by letting them keep more of their money when they pay for things they need to do their job, like costumes or travel, even if they make more money. It also makes sure that as prices go up, the money artists can save on taxes stays fair.
H. R. 721 — To amend the Internal Revenue Code of 1986 to increase the adjusted gross income limitation for above-the-line deduction of expenses of performing artist employees, and for other purposes.
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January 24, 2025
Status:Introduced in House
Congress:119
Words:908
H.R. 721, also known as the "Performing Artist Tax Parity Act of 2025," aims to amend the Internal Revenue Code to help performing artists. It increases the income limit for deductions of their work-related expenses and introduces a phaseout for these deductions starting at...
Simple Explanation
H.R. 721 wants to change some tax rules so that artists like actors and musicians can save more money by writing off the costs of doing their jobs, like what they pay their managers, even if they earn a bit more money.

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