Mike AdamsÂ brought to my attention the fact that there is Â a chance that artists might finally get better treatment under the law for the value of their donated works. Presently an artist who donates a work to a charity (people constantly ask artists to give their work away) only gets the value of the materials as a tax write-off. We don’t get to write off the fair market value of the work.Â
A collector who has purchased a work can give the same work to a charity and get the correct fair-market value, so why can’t artists?
On March 13, 2007,Â H.R. 1524 – TheÂ Artist-Museum Partnership ActÂ was referred to the House Ways and Means Committee.Â Please urge your congressperson to co-sponsor H.R.1524, which would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions.
Please visit the Americans for the ArtsÂ WebsiteÂ and fill in the email form to send a message to congress to fix this. It will take a minute of your time and it really matters to us. Help to fix a clearly unfair situation – we NEED those write-offs.Â
I am definitely going to steal this and post it everywhere.