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S. 394, The Art and Collectibles Capital Gains Tax Treatment Parity Act (4 comments ↓)
- This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
- This bill, or a similar bill, was reintroduced in the current Congress as S. 930, The Art and Collectibles Capital Gains Tax Treatment Parity Act.
S. 394 would amend the Internal Revenue Code of 1986 to provide the same capital gains treatment for art and collectibles as for other investment property and to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literacy, musical, artistic, or scholarly compositions created by the donor.
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Visitor Comments
C.Ritter
March 28, 2009, 1:02pm (report abuse)It is about time that artists could get FMV for donations of their own work when everyone else can donate an artists work and get the FMV. It is very unfair and discriminates against the artist.
BeeBee
July 20, 2009, 7:15pm (report abuse)People are selling their art collections at this time, because they need the money. Why should the taxes be higher for people who need income? Why should taxes be higher on art than on land investments?
J.Barn
August 24, 2009, 2:23pm (report abuse)If I give a piece of handmade jewelry to a friend, who turns around and donates it to a NPO, why should she get the tax write off and not the me? Very discriminatory.
MaBelle
January 13, 2010, 2:43pm (report abuse)I agree with BeeBee....Bad enough that the current economy has wreaked havoc on the art market as it is...but the capital gains tax on selling a piece of art makes it prohibitive ! Many of us are not uber-wealthy patrons of the arts, but rather ordinary citizens who have enjoyed the art, but could make better use of the cash right now....