S. 1121, titled the "Performing Artist Tax Parity Act of 2025," proposes an amendment to the Internal Revenue Code of 1986. The bill seeks to increase the income threshold at which performing artists can claim deductions for work-related expenses, introducing a phaseout of...
Simple Explanation
This bill helps actors and musicians save money on taxes by allowing them to write off more work expenses. The rules are a bit tricky, especially for artists who earn a lot, but the changes mean they can keep more money to help pay for things like agent fees starting in 2025.