———- Forwarded message ———-
From: joy.garnett@gmail.com <joy.garnett@gmail.com>
Date: Dec 1, 2005 11:35 AM
Subject: Senate Bill: Artists Can Claim Full Deduction for Gifts
To: undisclosed recipients <info@firstpulseprojects.org>

NEWSgrist - where spin is art
Senate Bill: Artists Can Claim Full Deduction for
Gifts<http://newsgrist.typepad.com/underbelly/2005/11/senate_bill_art.html>

[image: Artbank_1] <http://www.wga.hu/frames-e.html?/html/r/reymersw/>
REYMERSWAELE, Marinus van
Flemish painter (b. ca. 1490)
*The Banker and His Wife*
Oil on wood
Musee des Beaux-Arts, Valenciennes

*UPDATE: 11/30/05* [*Thanx Lisa!*]
*From: *"ArtSmart" <info@art-exchange.com >
*Date: *Wed, 30 Nov 2005 12:54:15 -0600
*Subject: *US artists who pay taxes – urgent bulletin!

This important message is to make you aware of an opportunity you have to
influence the way your art is treated in the tax code. There is a bill just
passed in the Senate that would expand the deductible amount of donated
artwork to its full value. Currently the only allowed deduction is cost of
materials. However, *THIS BILL HAS NOT PASSED THE HOUSE*. That's where you
come in. The bill will be hashed out in a House/Senate committee that
begins to meet soon. Here's how you can help:


1. Call and let your Representative know you would like to see them
support the Senate's version of the Tax Relief bill, especially this
provision.
2. Go to * Art-Exchange
Petition*<http://www.art-exchange.com/art-exchange/petition/>and sign
up. We will present the petition and names to the chair of the
House/Senate conference committee. Our goal is to obtain at least 10,000
names, with at least one from every state and one from D.C.
3. Call and thank your Senator for the Senate's inclusion of this
provision and let them know that it is important to you that it remain in
the tax relief bill.
4. Forward this email to your friends.

*via NYTimes*:
*Senate Bill Lets Artists Claim Price for Gifts
*<http://www.nytimes.com/2005/11/22/arts/design/22tax.html?ex=1290315600&=
en=445d398b92ee6182&ei=5090&partner=rssuserland&emc=rss>
By ROBIN POGREBIN
Published: November 22, 2005

Living writers, musicians, artists and scholars who donate their work to a
museum or other charitable cause would earn a tax deduction based on full
fair market value under a bill just passed by the Senate.

Currently such work receives only a deduction based on the cost of materials
unless it is donated posthumously by the estates.

The measure was approved as an amendment to a broader $59.6 billion tax
relief bill passed by the Senate early Friday. It now goes to a House-Senate
conference committee. The House version of the tax relief bill does not
include the arts provision, but the senators who introduced the
amendment - Charles
E. Schumer<http://topics.nytimes.com/top/reference/timestopics/people/s/cha=
rles_e_schumer/index.html?inline=nyt-per>,
Democrat of New York, and Pete V. Domenici, a New Mexico Republican - said
they were hopeful that the committee would support it.

Under the bill, artists could donate their work during their lifetimes at
full market value provided that it is properly appraised and handed over at
least 18 months after it is created.

The provision seems likely to open the way for more acquisitions by
cash-strapped museums. "It's very important for cultural institutions and
libraries to be able to be the recipient of these works of art that
otherwise might go into private hands," said Mimi Gaudieri, the executive
director of the Association of Art Museum Directors…" [ read
on…<http://www.nytimes.com/2005/11/22/arts/design/22tax.html?ex=1290315=
600&en=445d398b92ee6182&ei=5090&partner=rssuserland&emc=rss>
]

November 22, 2005 at 01:40 PM in Art
World<http://newsgrist.typepad.com/underbelly/art_world/index.html>,
Current Affairs<http://newsgrist.typepad.com/underbelly/current_affairs/ind=
ex.html>,
Law <http://newsgrist.typepad.com/underbelly/law/index.html> |
Permalink<http://newsgrist.typepad.com/underbelly/2005/11/senate_bill_art.h=
tml>