Petition in favor of the Artist Museum Partnership Act
INEQUITIES OF THE PRESENT SYSTEM
Under current law, artists who donate their work to a museum, library, college, or other public institution may only deduct the cost of materials and supplies employed in creating the work. On the other hand, a collector of the same work, who donates it to a qualified charitable institution, is allowed to take a tax deduction equal to the fair market value of the donated work. Prior to 1969, artists as well as collectors were able to take a deduction equal to the fair market value of a work. Unfortunately, Congress changed the law with respect to artists in the Tax Reform Act of 1969.
THE REMEDY PROPOSED BY SENATOR LEAHY
Senator Leahy of Vermont has proposed a bill that would allow artists to once again take a fair market value deduction for works they donate to eligible institutions. Called “The Artist Museum Partnership Act”, the measure would be of great benefit to both artists and museums. Artists Rights Society is an official sponsor of the bill.
ENDORSE THE BILL
Your support for this Bill would be of great help in demonstrating the stance of artists in regaining this long overdue right. Kindly add your name to this petition as an expression of your support for the “Artist Museum Partnership Act”.