[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3120 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3120

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 12, 2008

 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 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 INCOME LIMITATION FOR QUALIFIED PERFORMING ARTISTS 
              ELIGIBLE FOR ABOVE-THE-LINE DEDUCTION FOR PERFORMANCE 
              EXPENSES.

    (a) In General.--Section 62(b) of the Internal Revenue Code of 1986 
(defining qualified performing artist) is amended--
            (1) by striking ``$16,000'' in paragraph (1)(C) and 
        inserting ``$30,000'',
            (2) by striking subparagraph (B) of paragraph (3) and 
        inserting the following new subparagraph:
                    ``(B) Application of paragraph (1).--In the case of 
                a joint return--
                            ``(i) paragraph (1) shall be applied 
                        separately with respect to each spouse, and
                            ``(ii) paragraph (1)(C) shall be applied 
                        with respect to one-half of their combined 
                        adjusted gross income.'', and
            (3) 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 2008, 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 2007' for `calendar year 1992' in 
                subparagraph (B) thereof.
        Any increase determined under the preceding sentence shall be 
        rounded to the nearest multiple of $50.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2007.
                                 <all>