Advocacy
Action Alert - Artist Deduction Bill Advances In Senate
Please contact your Senators and ask them to support S. 1780. Senators Rick Santorum (R-PA) and Joe Lieberman (D-CT) have introduced S. 1780, a bill that includes several provisions that would provide incentives for charitable giving. It is also known as the CARE Act and is nearly identical to legislation that the two Senators introduced in the last Congress, and that passed in the Senate but was not ultimately enacted. Of special interest to the arts is the "artist deduction" language, which would allow artists to claim a tax deduction for the fair market value of works that they donate to arts organizations for mission-related uses other than resale. In the House, a similar bill does NOT include the artist deduction language, as was the case in the last Congress. In a positive development, however, Acting House Majority Leader Roy Blunt (R-MO) has indicated that he would be in favor of including the artist language in a final compromise version of the charitable incentives bill. Both the House and Senate bills include the IRA Rollover provision, which would allow individuals to donate funds to charities directly from their IRA accounts without paying any penalty for early withdrawal. To contact your senators, please visit http://www.collegeart.org/advocacy/000148/.Source: Americans for the Arts