Performance Rights Act - Amends federal copyright law to: (1) grant performers of sound recordings equal rights to compensation from terrestrial broadcasters; (2) establish a flat annual fee in lieu of payment of royalties for individual terrestrial broadcast stations with gross revenues of less than $1.25 million and for non-commercial, public broadcast stations; (3) grant an exemption from royalty payments for broadcasts of religious services and for incidental uses of musical sound recordings; and (4) grant terrestrial broadcast stations that make limited feature uses of sound recordings a per program license option.

Provides that nothing in this Act shall adversely affect the public performance rights or royalties payable to songwriters or copyright owners of musical works.