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S. 374, The Art and Collectibles Capital Gains Tax Treatment Parity Act (2 comments ↓)
S. 374 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 literary, musical, artistic, or scholarly compositions created by the donor.
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Visitor Comments
Jack Peverill
This bill makes a lot of sense, and would also be very good for charities who receive these works of art. Why isn't it moving through faster? Several influential democrats are supporting it
charles black
The existing law is prejudice to an to an old and accepted area of investment. There is no difference in investing in art than investing in real estate or stocks and should be allowed the same benifits.Those of us that make a living in art should have our field of livelyhood recogniged as important as other fields such as financial investors and rich brokers.It is as tangible a field as any hedge fund. Not only does the existing law hurt charity ,it hurts the artist, the art investor and an important contribution to socity as a whole.There is no justification for the IRS unfairely restricting this area of investment.