With an Antiquated Tax Code Blocking Thousands of Performing Artists from Writing Off Costly Business-Related Expenses, Schumer Introduces Bill to Eas

With An Antiquated Tax Code Blocking Thousands Of Performing Artists From Writing Off Costly Business-Related Expenses, Schumer Introduces Bill To Ease Financial Burden

The Outdated 1986 Internal Revenue Code Limits Eligibility for Deducting Performance-Related Expenses to Only Performing Artists Earning Under $16,000

Schumer Bill Raises Annual Income Cap from $16,000 to $30,000, Increasing the Eligibility for Thousands of Performing Artists to Receive Tax Deduction Benefits

With an outdated tax code restricting thousands of the country's performing artists from making crucial above-the-line business-related tax deductions, U.S. Senator Charles E. Schumer introduced a bill yesterday that would improve tax deduction benefits for thousands of performing artists. The 1986 Internal Revenue Code currently blocks any performing artist with an annual gross income over $16,000 from claiming the special above-the-line deduction for work-related expenses. Senator Schumer's bill raises the annual income cap from $16,000 to $30,000, and indexes it for inflation after 2010, allowing more performing artists to take advantage of the above-the-line deduction and, as a result, receive greater tax benefits.

"This tax code is so outdated, it's more appropriate for court jesters from the Middle Ages than for today's performing artists," said Senator Schumer. "Unless we want our artists to literally starve and our stages to fall silent, it's vital that we give our beloved artists the benefits they need to pursue their passion."

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