Performing Artist Tax Parity Act of 2024

This bill creates a new above-the-line tax deduction for performing artists (actors, musicians, dancers) to deduct work-related expenses directly from gross income, rather than itemizing deductions. It establishes a phaseout starting at $100,000 gross income (or $200,000 for joint returns), reducing the deduction by 10% for every $2,000 earned above that threshold. The bill also clarifies that commissions paid to an artist’s manager or agent count as deductible expenses and raises the "nominal employer" threshold for certain deductions from $200 to $500. These changes apply to taxable years beginning after December 31, 2023, with annual cost-of-living adjustments to the phaseout thresholds.