Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, November 23, 2005

Artists May Get Tax Break

The Senate has approved a bill which greatly benefits artists.  See Robin Pogrebin, Senate Bill Lets Artists Claim Price for Gifts , NY Times, Nov. 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 * * *


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