[Forum] Support the Artist Deduction Bill (fair market value deductions for donated works)

[Joshua Field]

It is tax time again (oh joy) and again this year artists are only 
allowed a deduction of materials costs for works donated to 
institutions, regardless of the value of the work you donated. The 
Artist Deduction Bill has been introduced in both the House and the 
Senate, which would allow you to deduct the fair-market value of your work.

Visit Americans for the Arts to have a letter sent to your Senators and 
Congressperson (and forward this to other artists you know - the more 
voices our representatives hear, the more likely they are to support the 
bill): <http://capwiz.com/artsusa/issues/alert/?alertid=9521951>
http://capwiz.com/artsusa/issues/alert/?alertid=9521951

*Urge Members of Congress to Co-Sponsor the Artist Deduction Bill*
Write to Your Members of Congress Now!
http://capwiz.com/artsusa/issues/alert/?alertid=9521951

The U.S. tax system accords unequal treatment to creators and collectors 
who donate tangible works (e.g., paintings or manuscripts) 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" value—essentially the cost of materials 
such as paint and canvas. We urge Members of Congress to co-sponsor 
bipartisan legislation, 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.

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// www.joshuafield.com
// joshua at joshuafield.com
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