A bill to amend the Internal Revenue Code of 1954 to provide a credit against income tax for amounts contributed to certain organizations the primary purpose of which is the support of the arts and humanities, and to allow an additional deduction for certain charitable contributions.

Amends the Internal Revenue Code to allow: (1) a credit against income tax in an amount equal to 50 percent of the aggregate contributions and gifts of money (not to exceed $200, or in the case of a joint return, $400) paid by the taxpayer to or for the use of any qualified organization the primary purpose of which is the support of the arts and humanities or (2) if such credit is not taken, an additional deduction for such contributions by permitting, for deduction purposes, the taxpayer to treat a contribution as being equal to 120 percent of the amount actually contributed.