Artists Seek Additonal Tax Incentives for Donated Works

By Editorial Team on June 25, 2015

The Artist-Museum Partnership Act, reintroduced in the US Senate in April 2015, would enable artists to take a tax deduction on the fair market value of work they donate to charitable benefits, amending the existing system whereby artists are only able to claim the cost of materials. The Act, introduced each year for the past fifteen years after a similar policy’s reversal in 1969, would give artists similar tax compensations that collectors receive upon donating works to public institutions. Artists who are under pressure to donate works may actually see a larger pay-off by splitting proceeds with the charitable organizations rather than relying on tax breaks. Read more here. [via The Art Newspaper]

(Image courtesy of Wikimedia Commons)