Archive for March 29, 2007

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

From Americans for the Arts, posted 3/19/07:

After announcing at the Congressional Arts Breakfast on Arts Advocacy Day that he would be the lead sponsor for the Artist Deduction Bill, Rep. John Lewis (D-GA) introduced the bill on March 14, 2007, joined by Rep. Jim Ramstad (R-MN). Identical to a Senate bill introduced by Sens. Patrick Leahy (D-VT) and Robert Bennett (R-UT), the bill supports individual artists by allowing them to take a fair-market value tax deduction for tangible works they donate to nonprofit collecting and educational organizations, and it benefits the public by giving them access to more art.

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 paper, chemicals and inks.

Send a message to your members of Congress asking them to be a co-sponsor of this important bill, H.R. 1524 (House) and S. 548 (Senate).

Thank you.

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