[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 3893 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 3893

  To amend the Internal Revenue Code of 1986 to increase the adjusted 
 gross income limitation for qualified performing artists eligible for 
         an above-the-line deduction for performance expenses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 14, 2006

 Mr. Schumer (for himself and Mrs. Feinstein) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to increase the adjusted 
 gross income limitation for qualified performing artists eligible for 
         an above-the-line deduction for performance expenses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASED ADJUSTED GROSS INCOME LIMITATION FOR QUALIFIED 
              PERFORMING ARTISTS ELIGIBLE FOR ABOVE-THE-LINE DEDUCTION 
              FOR PERFORMANCE EXPENSES.

    (a) In General.--Section 62(b)(1)(C) of the Internal Revenue Code 
of 1986 (defining qualified performing artist) is amended by striking 
``$16,000'' and inserting ``$30,000''.
    (b) Adjustment for Inflation.--Section 62(b) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(4) Inflation adjustment.--In the case of any taxable 
        year beginning in a calendar year after 2010, the dollar amount 
        contained in paragraph (1)(C) shall be increased by an amount 
        equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2009' for `calendar year 1992' in 
                subparagraph (B) thereof.
        Any increase determined under the preceding sentence shall be 
        rounded to the nearest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2006.
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