SAG-AFTRA Applauds Reintroduction of the Bipartisan Performing Artist Tax Parity Act

SAG-AFTRA Applauds Reintroduction of the Bipartisan Performing Artist Tax Parity Act

 

 

 

 

 

 

 

Bill Will Ensure Tax Fairness for Working-Class Performing Artists

 

 

 

LOS ANGELES — SAG-AFTRA applauds the introduction of the Performing Artist Tax Parity Act, which will modernize the Qualified Performing Artist tax credit to ensure creative professionals are not unfairly penalized by an outdated provision in the tax code. The legislation was introduced with bipartisan leadership in the U.S. Senate by Sens. Mark Warner D-Va., and Bill Hagerty, R-Tenn. The bill was previously introduced in the House by Reps. Judy Chu, D-Calif., and Vern Buchanan, R-Fla.

 

 

“I want to thank Senator Mark Warner and Senator Bill Hagerty for drafting and introducing this important legislation. They are great champions of the creative professionals that keep our industry successful,” said SAG-AFTRA president Fran Drescher.  "We have been fighting for this legislation because it will allow working class entertainment and media professionals legitimate deductions so that they can retain more of their hard-earned money during these most challenging times.

 

 

”The bill has been supported by 19 organizations representing creative professionals from across the industry, including those who work in live theater, at trade shows and exhibitions, and at concerts, as well as the equipment and construction shops that support them. Since the legislation was first introduced in June 2019, SAG-AFTRA has held dozens of meetings with congressional staff and submitted testimony to the House Ways and Means Committee regarding the need for tax fairness for these workers. Coming on the heels of the pandemic that halted all production and devastated so many lives, the Performing Artist Tax Parity Act will provide well-earned relief to professionals who need it most.

 

 

The Qualified Performing Artist tax credit was signed into law as part of tax reform in 1986 and has since remained unchanged in the tax code. The bipartisan Performing Artist Tax Parity Act updates the thresholds of the QPA, which has been capped at an adjusted gross income of $16,000 since enactment 35 years ago. The new bill would update the deduction to $100,000 for single filers and $200,000 for married artists filing jointly.