Art and Tax

URGE MEMBERS OF CONGRESS TO CO-SPONSOR THE ARTIST DEDUCTION BILL.

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. 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.

GO here and make your statement now.