The Artist Deduction Bill would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions.  Current tax laws only allow artist to deduct only their “basis” value—essentially the cost of materials such as paint and canvas. 

 You can go to the Advocate for the Arts website to fill out the form  that will send letters to your Senate and House Representatives.

There are a lot of reasons to artists choose to donate to art auctions, but current tax laws do not support the value of the artwork that is being donated.  (Thanks Bill for the link.)

This entry was posted on Thursday, March 13th, 2008 at 12:02 pm and is filed under news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.