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H.R. 1524, The Artist-Museum Partnership Act (1 comment ↓)
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
H.R. 1524 would amend the Internal Revenue Code of 1986 to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.
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Visitor Comments
Patricia Powers, MFA
December 16, 2008, 7:46pm (report abuse)Very few people are aware that when I donate a painting I cannot deduct any more than the cost of my materials. Donations are important to me, and I frequently raffle or donate works to raise money for causes I support, and this has a huge impact on my very modest income. My work has rock-solid established values, and I would be thrilled to do some real good in the world with donations; is it fair that I am penalized for this? My collectors can get full value deductions but I must take a huge hit every time I want to help. Please support this bill and reverse this ridiculous mistake of the 60's.