Sunday, July 15, 2007

Update on the Artist Deduction Bill

Americans for the Arts has an update on the status of the Artist-Museum Partnership Act, discusssed earlier here:

"The Artist-Museum Partnership Act (commonly known as the 'Artist Deduction bill') has been gaining co-sponsors since it was re-introduced earlier this year. The House bill H.R. 1524 introduced by Reps. John Lewis (D-GA) and Jim Ramstad (R-MN) now has 50 co-sponsors. Additionally, the Senate bill S. 548 introduced by Sens. Patrick Leahy (D-VT) and Robert Bennett (R-UT) has 23 co-sponsors. The legislation supports individual artists by allowing them to take a fair-market value tax deduction for tangible works they donate to nonprofit collecting and educational organizations, and it benefits the public by giving them access to more art. Many of the cosponsors are legislators who sit on the tax-writing committees, which would demonstrate a real interest in approving this legislation."