A bill to amend the Internal Revenue Code of 1986 to exempt freelance authors, photographers, and artists from the capitalization rules added by the Tax Reform Act of 1986, and for other purposes.

Summary

Amends the Internal Revenue Code to provide that the income tax rules requiring cost capitalization shall not apply in connection with the qualified artistic work expenses of freelance writers, artists, and photographers. Excludes from qualified expenses those related to printing, photographic plates, motion picture films, video tapes, and similar items. Applies the same exemption with respect to qualified indirect costs of film producers, not including any direct costs of a motion picture film or video tape. Permits these same categories of individuals to use income averaging if their gross income is at least 50 percent attributable to their production of creative property. Disallows this benefit to nonresident aliens and to individuals who receive more than half of their support from others.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 11 May 1988

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 11 May 1988

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 May 1988

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 November 1988

   Committee

   Provisions of Measure Incorporated Into H.R.4333.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 11 May 1988

  Open at official source

Sponsors

• Rep. Richardson, Bill [D-NM-3] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Technical and Miscellaneous Revenue Act of 1988