Tuesday, March 20, 2007

Art of Taxation

Art Fair Booth , Key Biscayne - Miami 3/2007
All reproduction rights reserved Wm. Greiner

March 19, 2007

At the Congressional Arts Breakfast, Rep. John Lewis (D-GA) announced that he would introduce the “Artist Deduction Bill” immediately following Arts Advocacy Day. The “Artist Deduction Bill” supports individual artists by allowing them to take a fair-market value tax deduction for works they donate to nonprofit organizations. As you may know, Rep. Lewis is a hero of the civil rights movement, and it is an honor to have him as the lead sponsor of a bill that takes a step toward providing equity for artists. He was joined by Rep. Jim Ramstad (R-MN) in introducing the bill on March 14, the day after the Congressional Arts Breakfast.

Under current law, creators and collectors are treated differently when they donate tangible works (e.g., paintings or manuscripts) to museums, libraries, educational or other collecting institutions. A collector may deduct 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 ask that you support this important legislation by sending a message to your Members of Congress asking them to co-sponsor 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.
Thank you for your continued support!

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Blogger Tim Connor said...

Good stuff. Thanks for disseminating. Love your new photos.

9:29 PM  

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