Sunday, June 15, 2008

US Performing Artists' Tax Break Legislation

New York Senator Chuck Schumer and California Senator Dianne Feinstein announced plans Thursday to introduce legislation that would make it easier for more actors and performing artists to deduct business expenses from their taxes.

Under the new legislation, artists earning less than $30,000 a year would be able to write off performance-related expenses such as head shots, audition tapes, and transportation to and from auditions.

The legislation would update the current tax law concerning actors, which was passed in 1986, and allows those making less than $16,000 annually to deduct business expenses. The updated legislation would also allow performing artists to claim business expenses as adjustments to income, rather than having to write these expenses off as itemized deductions.
Mr. Schumer said more than 36,000 New York actors would now qualify for the tax break. "This tax code is so outdated, it's more appropriate for court jesters from the Middle Ages than for today's performing artists," said Sen. Schumer.

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