A bill to amend the Internal Revenue Code of 1954 to provide an income tax deduction for individuals for purchases of contemporary American art.

Provides an income tax deduction, under the Internal Revenue Code of 1954, for individuals for the purchase of contemporary American art. Limits such tax deduction to $10,000, or $5,000 in the case of a spouse filing a separate return.

Allows a carryover and carryback of such tax deduction.