Awhile back, we wrote about how you CAN'T donate your time and services and claim fair market value for such as a deduction (An Original Picasso for $50? That's what they say..., 2/10/07), and one potential solution that could get you a bit more credit for your donations, when you do (The Non-Profit Challenge, 11/19/07), but once again, there is a bill winding it's way through Congress that would allow:
"...artists to take a fair-market value deduction for works given to and retained by nonprofit institutions. The U.S. tax system accords unequal treatment to creators and collectors who donate tangible works (e.g., paintings or manuscripts) to museums, libraries, educational or other collecting institutions. A collector may take a tax deduction for the fair-market value of the work, but creators may deduct only their "basis" value—essentially the cost of materials such as paint and canvas."If you can enter your name and address, and click the "send" button, in less than two minutes you can actually send an e-mail to your elected official that represents you, through this very cool system. Americans for the Arts has their Advocate for the Arts website and all you do is enter your address, and they will automatically route your sentiments to your Senator or Member! If you'd like to her Senator/Photographer Pat Leahy (and the bill's sponsor) in an NPR interview on the subject, click here.
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