This bill amends the Internal Revenue Code of 1986 to update tax provisions for performing artists. Its primary purpose is to modify the above-the-line deduction for performing artists' business expenses, making several key adjustments to how these deductions are calculated and applied. Specifically, the legislation introduces a new gross income-based phaseout for the deduction, reducing the amount by 10 percentage points for every $2,000 (or $4,000 for joint filers) that a taxpayer's gross income exceeds $100,000. This threshold will be subject to a cost-of-living adjustment for taxable years after 2025. Additionally, the bill explicitly clarifies that commissions paid to a performing artist's manager or agent are included as deductible expenses. It also increases the threshold for determining a nominal employer from $200 to $500, with this amount also being indexed for inflation in future years. These amendments are set to take effect for taxable years beginning after December 31, 2024.