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 ordinary income property.

Provides under the Internal Revenue Code that the reduction in the value of a charitable contribution shall be decreased by 75 percent in the case of a contribution of a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property by a taxpayer.

Limits such tax deduction to an amount not to exceed the income for such year from the sale or exchange of property which qualifies for the reduction under this Act.