This news item comes from the very useful newsletter www.OutdoorPainting.com. As it stands now, if an artist donates a work to charity, or a museum, they only get the deduction for the cost of the materials, not the retail or appraised value, unlike everyone else. Imagine how much wine or new cars would get donated to fundraisers or collections if only the cost of the grapes or the steel was allowed as a deduction, yet artists are constantly asked to donate, and we happily do so, only to receive a miniscule deduction compared to the price our works command.It is a lopsided offset. This bill in congress would rectify the issue by allowing artists to receive the tax deduction for the appraised value of their donation. Hey, even artists need tax deductions! It's a good cause, and a good bill:
ARTISTS --- CALL TO ACTION!
For the fifth time, legislation has been introduced in both Houses of Congress to provide artists with a full, fair market value charitable tax deduction for the donation of their own work to museums and other qualifying institutions. The Artist-Museum Partnership Act (H.R. 1524 & S. 548) will soon come up for a vote. A similar Bill has passed in the Senate several times, but never in the House of Representatives.
Please contact your Senators and Representatives and urge them to pass this Bill. Museums, charitable institutions and artist will benefit.
Labels: Taxes and the arts