H.R. 4580 (100th): 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.

Introduced:
May 11, 1988 (100th Congress, 1987–1988)
Sponsor:
Rep. William Richardson [D-NM3]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 11, 1988, in a previous session of Congress, but was not enacted.

Progress
Introduced May 11, 1988
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/11/1988--Introduced.
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.

House Republican Conference Summary

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House Democratic Caucus Summary

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