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Urge Congress to Support the Artists Deduction Bill

Artists are often, very often, asked to donate their time, talent and finished art products to help raise money for non-profit museums, institutions, galleries, community centers, etc, etc, etc.

As it stands now, artists are only allowed the actual price of their materials when giving to a 501c3. Collectors on the other hand, can write off the fair market value. We encourage you to support this bipartisan legislation that will allow fairness to artists donating their work.

Legislation Bill S. 548 or H.R.1524, 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.

It takes just two minutes to support this bill....click here.


This page contains a single entry from February 29, 2008 9:45 AM.

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