Entertainment Industry Coalition Urges Congress To Approve Tax Break For Performing Artists & Creative Professionals

deadline.com:

A coalition of entertainment industry unions and associations is urging Congress to include the Performing Artist Tax Parity Act in any omnibus legislation that may come before the House and Senate for fiscal year 2022.In a letter sent Thursday to leaders of the House and Senate, supporters of the legislation say it would “restore tax fairness for middle-class creative professionals” by updating the current Qualified Performing Artist (QPA) deduction and “meaningfully impact the lives of creative professionals and their families.”By way of example, they say that “a Pennsylvania sound engineer would realize a tax savings of over $4,500 under PATPA.

A Nevada actor would pay $1,500 less in taxes. A New York musician would save $3,000. This is money that these middle-class professionals can put toward the next month’s rent, putting food on the table, and contributing to their local economies.”Backers of the legislation include SAG-AFTRA, IATSE, Actors’ Equity, the WGA East, the Motion Picture Association, the Recording Industry Association of America, the Broadway League, Carnegie Hall and the Department for Professional Employees, AFL-CIO.

See the full list of signers below.Introduced in the House by Judy Chu (D-CA) and Vern Buchanan (R-FL) and in the Senate by Mark Warner (D-VA) and Bill Hagerty (R-TN), the letter says that “this bipartisan legislation would update the Qualified Performing Artist deduction to correct an unintended consequence of tax reform that has caused a drastic tax increase for middle class creative professionals.”“Actors, stage managers, dancers, musicians, cinematographers, and many other creative professionals spend 20% to 30% of their income on necessary expenses to secure and maintain employment,