Summary: H.R.4580 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for H.R.4580. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/11/1988)

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.