Tax Relief for Artists Act of 2017

Bill: 115-hr-3453
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2017-07-27
Policy area: Taxation
Subjects: Art, artists, authorship

Business expenses

Income tax deductions

Music

Performing arts

Sound recording

Television and film
Latest action: action_date: 2017-07-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-07-27
action_desc: Introduced in House
text: <p><b>Tax Relief for Artists Act of 2017 </b></p> <p>This bill amends the Internal Revenue Code to allow a standard deduction for the trade and business expenses of artists. The deduction is limited to the lesser of: (1) $2,500, or (2) the gross income of the taxpayer derived from one or more artistic trades or businesses carried on by the taxpayer (or, if less, taxable income). </p> <p>To be eligible for the deduction, a taxpayer must have: (1) household income for the taxable year that does not exceed 250% of the poverty line for a family of the size involved, and (2) gross income derived from one or more artistic trades or businesses carried on by the taxpayer. </p> <p>An &quot;artistic trade or business&quot; is any trade or business in the literary, graphic design, film, visual, media, musical, theatre, recording, or dance arts. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3453 IN THE HOUSE OF REPRESENTATIVES July 27, 2017 Ms. Velázquez introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to provide a standard deduction for the trade or business expenses of artists.

1. Short title This Act may be cited as the Tax Relief for Artists Act of 2017 . 2. Standard deduction for the trade or business expenses of artists (a) In general Section 162 of the Internal Revenue Code of 1986 is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection: (q) Standard deduction for trade or business expenses of artists (1) In general In the case of a qualified taxpayer who elects the application of this subsection for any taxable year, there shall be allowed as a deduction for such taxable year an amount equal to the lesser of— (A) $2,500, or (B) the gross income of the taxpayer derived from one or more artistic trades or businesses carried on by the taxpayer (or, if less, taxable income). (2) Qualified taxpayer For purposes of this subsection, the term qualified taxpayer means any taxpayer with respect to any taxable year if— (A) the taxpayer’s household income for the taxable year does not exceed 250 percent of the poverty line for a family of the size involved, and (B) the taxpayer has gross income derived from one or more artistic trades or businesses carried on by the taxpayer. (3) Artistic trade or business For purposes of this subsection, the term artistic trade or business means any trade or business in the literary, graphic design, film, visual, media, musical, theatre, recording, or dance arts. (4) Other definitions and special rules For purposes of this subsection— (A) Definitions related to household income Terms used in paragraph (2)(A) which are also used in section 36B shall have the same meaning as when used in such section. (B) Joint returns In the case of a joint return, paragraph (1)(A) shall be applied by substituting $5,000 for $2,500 if both spouses would be treated as a qualified taxpayer if each spouse filed a separate return. (C) Denial of double benefit If the taxpayer elects the application of this subsection for any taxable year, no deduction (other than the deduction allowed under paragraph (1)) shall be allowable under this chapter to the taxpayer with respect to any amount paid or incurred during such taxable year with respect to any artistic trade or business carried on by the taxpayer. (D) Regulations The Secretary shall prescribe such regulations or other guidance as the Secretary determines to be necessary or appropriate to carry out the purposes of this subsection. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.