H.R.4580 - 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.100th Congress (1987-1988)
|Sponsor:||Rep. Richardson, Bill [D-NM-3] (Introduced 05/11/1988)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/10/1988 Provisions of Measure Incorporated Into H.R.4333. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.4580 — 100th Congress (1987-1988)All Information (Except Text)
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.