Tuesday, November 22, 2005
Senate Bill Lets Artists Claim Price for Gifts
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 [ed. huh?], but the senators who introduced the amendment - Charles E. Schumer, Democrat of New York, and Pete V. Domenici, a New Mexico Republican - said they were hopeful that the committee would support it.Just curious how this affects work donated to a benefit, which is what most of us have been waiting for. Would "apparaised price" be the actual documented selling price? I understand the original intent of the 18-month waiting period. They didn't want poor starving artists to "paint a deduction," like most of even have enough to itemize.
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.
Back more. Am posting from a mysterious, undisclosed location again.
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