A bill to amend the Internal Revenue Code of 1954 to modify the restrictions contained in section 170 (e) in the case of certain charitable contributions of literary, musical, or artistic compositions, or similar property.

Revises the Internal Revenue Code to provide that the allowable dollar amount of the tax deduction taken for a charitable contribution which is a musical, artistic, or literary composition shall be the fair market value of such property at the time of contribution.

Excludes from the coverage of such provision any charitable contribution of any writing, memorandum, or similar property the production of which was related to, or arose out of, the performance of the duties of any office held under the Government of the United States or of any State or any political subdivision thereof.