A bill to amend the Internal Revenue Code of 1986 to exempt free lance authors, photographers, and artists from the capitalization rules added by the Tax Reform Act of 1986, and for other purposes.

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 certain film producers, not including any direct costs of a motion picture film or video tape.