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.