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A bill to amend the Internal Revenue Code of 1986 to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.

USA115th CongressS-1174| Senate 
| Updated: 5/18/2017
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Cosponsors (2)
Tom Udall (Democratic)Dianne Feinstein (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Artist-Museum Partnership Act of 201 7 This bill amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, scholarly compositions, or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. The bill limits the amount of the deduction based upon the donor's artistic adjusted gross income, as defined by this bill.
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Timeline
Mar 30, 2017

Latest Companion Bill Action

HR 115-1830
Introduced in House
May 18, 2017
Introduced in Senate
May 18, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3043)
  • March 30, 2017

    Latest Companion Bill Action

    HR 115-1830
    Introduced in House


  • May 18, 2017
    Introduced in Senate


  • May 18, 2017
    Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3043)

Taxation

Related Bills

  • HR 115-1830: To amend the Internal Revenue Code of 1986 to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.
Art, artists, authorshipBooks and print mediaCharitable contributionsIncome tax deductionsIntellectual propertyLiteratureMusicTax-exempt organizations

A bill to amend the Internal Revenue Code of 1986 to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.

USA115th CongressS-1174| Senate 
| Updated: 5/18/2017
Artist-Museum Partnership Act of 201 7 This bill amends the Internal Revenue Code to allow taxpayers who create literary, musical, artistic, scholarly compositions, or similar property a fair market value (determined at the time of contribution) tax deduction for contributions of such properties, the copyrights thereon, or both, to certain tax-exempt organizations, if such properties are properly appraised and are donated no less than 18 months after their creation. The bill limits the amount of the deduction based upon the donor's artistic adjusted gross income, as defined by this bill.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 30, 2017

Latest Companion Bill Action

HR 115-1830
Introduced in House
May 18, 2017
Introduced in Senate
May 18, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3043)
  • March 30, 2017

    Latest Companion Bill Action

    HR 115-1830
    Introduced in House


  • May 18, 2017
    Introduced in Senate


  • May 18, 2017
    Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3043)
Patrick J. Leahy

Patrick J. Leahy

Democratic Senator

Vermont

Cosponsors (2)
Tom Udall (Democratic)Dianne Feinstein (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 115-1830: To amend the Internal Revenue Code of 1986 to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Art, artists, authorshipBooks and print mediaCharitable contributionsIncome tax deductionsIntellectual propertyLiteratureMusicTax-exempt organizations