A pair of lawmakers introduced legislation they said seeks to update the Qualified Performing Artist (QPA) tax deduction.
Sens. Mark R. Warner (D-VA) and Bill Hagerty (R-TN) recently detailed the manner in which the Performing Artist Tax Parity Act would enable certain performing artists to deduct the cost of expenses incurred in the course of their employment.
Per the legislation, benefits include updating the thresholds of the QPA deduction, ensuring more lower- and middle-income artists would be added via the tax break.
“The COVID-19 pandemic has been devastating for performers and artists,” Warner said. “Even as widespread vaccinations allow venues to reopen, many actors, musicians and performing artists are still struggling to recover. I’m glad to be working on a bipartisan solution to help ease some of the burden on working artists during a very difficult time.”
Authorities acknowledged the QPA tax deduction has not been updated since its creation 35 years ago and is presently available solely for those making less than $16,000 annually.
“As a son of Tennessee and my state’s former Commissioner of Economic & Community Development, I appreciate how vital our entertainment sector is to both Tennessee’s rich culture and its economy,” Hagerty said. “I’m pleased to introduce and work on a bipartisan basis with Sen. Warner on this important legislation that will help Tennessee’s creative industry and the performing artists who make it truly thrive.”
Hagerty said the measure ensures lower- and middle-income performing artists from Mountain City to Memphis will have an opportunity to keep much more of their wages — noting it updates a Reagan-era tax deduction helping artists account for the costs of work-related expenses while adjusting for inflation.