Sec. 11. Tax incentives
1,135 words·~5 min read·
/bill/116/s/3232/is/section-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury shall issue guidelines for the creation and operation of community development entities focused on the creative industries or occupations, which would allow such entities to be treated as qualified community development entities for purposes of section 45D(c) of the Internal Revenue Code of 1986. Subparagraph
(H)of section 45D(f)(1) of such Code is amended by striking 2020 and inserting 2022 . Paragraph
(1)of section 51(d) of the Internal Revenue Code of 1986 is amended by striking or at the end of subparagraph (I), by striking the period at the end of subparagraph
(J)and inserting , or , and by adding at the end the following new subparagraph: a qualified displaced worker. . Subsection
(d)of section 51 of such Code is amended by adding at the end the following new paragraph: The term qualified displaced worker means an individual who, immediately before beginning work for the employer— is an eligible TAA recipient (as defined in section 35(c)(2)), is an eligible alternative TAA recipient (as defined in section 35(c)(3)), or is eligible for employment and training activities for dislocated workers under chapter 3 of subtitle B of title I of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3171 et seq.) or assistance under section 170 of such Act ( 29 U.S.C. 3225 ). . The amendments made by this subsection shall apply to individuals beginning work for the employer after the date of the enactment of this Act. Section 62(a)(2)(B) of the Internal Revenue Code of 1986 is amended— by striking and inserting performing artists.— The deductions performing artists.— The deductions , and by adding at the end the following new clauses: 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 adjusted gross income (determined without regard to this subparagraph) for the taxable year exceeds $100,000 (200 percent of such amount in the case of a joint return). In the case of any taxable year beginning in a calendar year after 2020, the $100,000 amount under clause
(ii)shall be increased by an amount equal to— such dollar amount, multiplied by 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 2019 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. . Section 62(a)(2)(B)(i) of such Code, 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 . Section 62(a)(2)(B)(i) of such Code, as amended by this subsection, is further amended by striking by him and inserting by the performing artist . Section 62(b)(1) of such Code 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). The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. Subsection
(e)of section 170 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of a qualified artistic charitable contribution— the amount of such contribution shall be the fair market value of the property contributed (determined at the time of such contribution), and no reduction in the amount of such contribution shall be made under paragraph (1). For purposes of this paragraph, the term qualified artistic charitable contribution means a charitable contribution of any literary, musical, artistic, or scholarly composition, or similar property, or the copyright thereon (or both), but only if— such property was created by the personal efforts of the taxpayer making such contribution no less than 18 months prior to such contribution, the taxpayer— has received a qualified appraisal of the fair market value of such property in accordance with the regulations under this section, and attaches to the taxpayer’s income tax return for the taxable year in which such contribution was made a copy of such appraisal, the donee is an organization described in subsection (b)(1)(A), the use of such property by the donee is related to the purpose or function constituting the basis for the donee’s exemption under section 501 (or, in the case of a governmental unit, to any purpose or function described under subsection (c)), the taxpayer receives from the donee a written statement representing that the donee’s use of the property will be in accordance with the provisions of clause (iv), and the written appraisal referred to in clause
(ii)includes evidence of the extent (if any) to which property created by the personal efforts of the taxpayer and of the same type as the donated property is or has been— owned, maintained, and displayed by organizations described in subsection (b)(1)(A), and sold to or exchanged by persons other than the taxpayer, donee, or any related person (as defined in section 465(b)(3)(C)). The increase in the deduction under this section by reason of this paragraph for any taxable year— shall not exceed the artistic adjusted gross income of the taxpayer for such taxable year, and shall not be taken into account in determining the amount which may be carried from such taxable year under subsection (d). For purposes of this paragraph, the term artistic adjusted gross income means that portion of the adjusted gross income of the taxpayer for the taxable year attributable to— income from the sale or use of property created by the personal efforts of the taxpayer which is of the same type as the donated property, and income from teaching, lecturing, performing, or similar activity with respect to property described in clause (i). Subparagraph
(A)shall not apply to any charitable contribution of any letter, memorandum, or similar property which was written, prepared, or produced by or for an individual while the individual is an officer or employee of any person (including any government agency or instrumentality) unless such letter, memorandum, or similar property is entirely personal. In the case of a qualified artistic charitable contribution, the tangible literary, musical, artistic, or scholarly composition, or similar property and the copyright on such work shall be treated as separate properties for purposes of this paragraph and subsection (f)(3). . The amendment made by this subsection shall apply to contributions made after the date of the enactment of this Act in taxable years ending after such date.
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources