Senator urges backing of arts measure

WASHINGTON -- U Senator Pete Domenici (R-NM) urg Senate and House conferee working upon the tax relief bill to retain Senate language that would make secure fairness for artists who donate their work to charity.

Section 208 of the tax reconciliation bill (HR 4297) which passed the Senate yesterday, contains a provision originally authored through Domenici in his Arts and Collectibles Capital Gains Tax Treatment Parity Act ( 1186) that would allow a tax deduction equal to the fair market value of artwork through the artist. Currently, only collectors receive of that kind deductions.

Domenici authored a alphabetic character signed by a bipartisan clump of senators to the leaders of the Senate-House discourse committee, which will finalize the tax relief bill.

"The general tax code treats artists unfairly, Domenici said. "If an artist wants to donate his or her work to a museum, beneath the current code the solitary tax deduction available would be for the require to be paid [i]or[/i] undergone of the art supplies. If a collector wants to donate that same piece to the same museum, the collector would receive a deduction equal to the fair market value of the art. The provision in this tax bill eliminates this disincentive for artists to donate their works, and I believe it should be retained in the final version of the tax reconciliation bill."

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