AFM Applauds Proposed Tax Fix For Musicians
Many musicians are employees who incur significant expenses including concert clothing, travel costs, rehearsal space, studio time, instrument repairs and instruments.Under prior law, the IRS allowed a deduction for necessary incurred in connection with employment. The Tax Cuts and Job Act eliminated this ability to claim miscellaneous itemized deductions, which allowed performers to deduct work expenses. Many musicians can now pay substantially more in taxes as a result.
The Performing Artist Tax Parity Act (PATPA), introduced by U.S. Representative Judy Chu (D-CA) and Vern Buchanan (R-FL), would update the Qualified Performing Artist (QPA) tax deduction to help musicians and other performers deduct the costs of work-related expenses.
"Most working musicians and other performers need every penny they earn to survive in this economy. Musicians cannot afford to lose these deductions. We thank Representatives Chu and Buchanan for this much needed tax fix." said AFM International President Ray Hair.