A bill to amend the Internal Revenue Code of 1986 to provide the same capital gains treatment for art and collectibles as for other investment property and 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.
Establishes a (limited) fair market value deduction for qualifying literary, musical, or artistic charitable contributions created and donated by the taxpayer. (Currently such deduction is limited to the taxpayer's costs in creating the work.)
Introduced in Senate
Sponsor introductory remarks on measure. (CR S3056-3057)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3057-3058)
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