We admit we don’t follow the minutiae of amendments to tax bills closely — which is a shame because we nearly missed this one:
Living writers, musicians, artists and scholars who donate their work to a museum or other charitable cause would earn a tax deduction based on full fair market value under a bill just passed by the Senate.
Current law makes it economically unrealistic for artists to donate their works. At present, only the cost of materials can be deducted. While we’re certain that the art of appraising fair market value will require considerable fine-tuning, this is a major step forward in the tax code. As always, such good news comes with homework. Now is the time to lobby your House representative — this provision only exists in the Senate version of the bill. Send a letter today. It’s easy and it’s fun!
