Advocacy
Senate Passes Artist Donation Bill
The U.S. Senate has passed a bill that would allow artists to donate their work to a museum and take a tax deduction for the full market value of the work. The measure was approved as an amendment to a broader $59.6 billion tax-relief bill. Under the bill, artists could donate their work during their lifetimes at full market value provided that the work is properly appraised. Under current law, the creator of such work can only deduct the cost of materials used to make the work, unlike collectors, who can fully deduct the fair market value of gifts of works of art that they donate.The bill now goes to a House-Senate conference committee. Similar bills have passed twice in the Senate but never came to a vote in the House.