Tuesday, February 26, 2008

Federal: Urge Members of Congress to Co-Sponsor the Artist Deduction Bill

Sen. Pat Leahy (D-VT) is sponsoring the Artist-Museum Partnership Act, which would allow artists to file tax deductions for the market value of works they donate to non-profits. As Leahy tells Robert Siegel, artists are currently able to deduct only the value of the materials used.
Write to Your Members of Congress Now! Support this bill by taking action. Sign the Action Letter at American for the Arts.
We urge Members of Congress to co-sponsor bipartisan legislation, S. 548 or H.R.1524, which would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions. The U.S. tax system accords unequal treatment to creators and collectors who donate tangible works (e.g., paintings or manuscripts) to museums, libraries, educational or other collecting institutions. A collector may take a tax deduction for the fair-market value of the work, but creators may deduct only their "basis" value—essentially the cost of materials such as paint and canvas.

Robert Siegel's interview, Leahy Pushes, Again, for Artists' Tax Break on NPR (National Public Radio):


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