Add your name to a list being sent to members of congress from Americans for the Arts urging congress to co-sponsor bipartisan legislation which would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions. By doing so you will support the artists deduction bill.
Currently the U.S. tax system accepts that artistic creators should be treated differently than collectors, who donate tangible works ( paintings, manuscripts, etc.) 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” valueâ€”essentially the cost of materials such as paint and canvas.
Click here and let congress know you support allowing artists to take a fair-market value deduction for the work they create when donated. Ask your friends to also do the same.