S.Amdt. 2699

SA 2699. Mr. WARNER submitted an amendment intended to be proposed to
amendment SA 2360 proposed by Mr. Thune (for Mr. Graham) to the bill
H.R. 1, to provide for reconciliation pursuant to title II of H. Con.
Res. 14; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _____. ABOVE-THE-LINE DEDUCTION OF EXPENSES OF
PERFORMING ARTISTS.

(a) In General.--Section 62(a)(2)(B) is amended--
(1) by striking ``performing artists.--The deductions'' and
inserting the following: ``performing artists.--
``(i) In general.--The deductions'', and
(2) by adding at the end the following new clauses:
``(ii) Phaseout.--The amount of expenses taken into account
under clause (i) shall be reduced (but not below zero) by 10
percentage points for each $2,000 ($4,000 in the case of a
joint return), or fraction thereof, by which the taxpayer's
gross income for the taxable year exceeds $100,000 (twice
such amount in the case of a joint return).
``(iii) Cost-of-living adjustment.--In the case of any
taxable year beginning in a calendar year after 2025, the
$100,000 amount under clause (ii) shall be increased by an
amount equal to--

``(I) such dollar amount, multiplied by
``(II) 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 2024'
for `calendar year 2016' in subparagraph (A)(ii) thereof.

If any amount after adjustment under the preceding sentence
is not a multiple of $1,000, such amount shall be rounded to
the nearest multiple of $1,000.''.
(b) Clarification Regarding Commission Paid to Performing
Artist's Manager or Agent.--Section 62(a)(2)(B)(i), as
amended by subsection (a), is amended by inserting before the
period at the end the following: ``, including any commission
paid to the performing artist's manager or agent''.
(c) Increase in Threshold for Determining Nominal
Employers.--Section 62(b)(2) is amended--
(1) by striking ``An individual'' and inserting the
following:
``(A) In general.--An individual'',
(2) by striking ``$200'' and inserting ``$500'', and
(3) by adding at the end the following new subparagraph:
``(B) Cost-of-living adjustment.--In the case of any
taxable year beginning in a calendar year after 2025, the
$500 amount under subparagraph (A) shall be increased by an
amount equal to--
``(i) such dollar amount, multiplied by
``(ii) 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 2024'
for `calendar year 2016' in subparagraph (A)(ii) thereof.
If any amount after adjustment under the preceding sentence
is not a multiple of $50, such amount shall be rounded to the
nearest multiple of $50.''.
(d) Technical and Conforming Amendments.--
(1) Section 62(a)(2)(B)(i), as amended by the preceding
provisions of this Act, is amended by striking ``by him'' and
inserting ``by the performing artist''.
(2) Section 62(b)(1) is amended by inserting ``and'' at the
end of subparagraph (A), by striking ``, and'' at the end of
subparagraph (B) and inserting a period, and by striking
subparagraph (C).
(e) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after December 31,
2024.
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