Pen and Ink Act of 1981

Pen and Ink Act of 1981 - Amends the Internal Revenue Code to allow creators of literary, musical or artistic compositions an income tax credit for contributions of such compositions to tax-exempt charitable or governmental organizations. Computes the amount of such credit based upon the adjusted gross income of the contributor.

Specifies that the amount of the credit allowable under this Act may not exceed the taxpayer's income from sales of literary, musical or artistic compositions. Limits the dollar amount of such credit to the greater of $2,500 or one-half of the taxpayer's yearly tax liability. Allows a five year carryover of excess credit amounts.

Prohibits government officials who produce letters, memoranda, etc. in connection with their official duties from claiming a tax credit for the donation of such property.