Artist Deduction Bill

There is a bill currently before congress that is not only of interest to artists but also to non profit galleries and arts organization. House bill S. 548 or H.R.1524, will allow artist to deduct fair market value for the art that they donate. The benefits of this bill should be clear to any arts organization that has ever hosted an arts auction, so please take the time to voice your support. Click this link to voice your support.

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.