Artists' charitable deduction legislation update

Thomas L. Birch, legislative counsel for the National Assembly of State Arts Agencies, sends this news:

Sen. Patrick Leahy (D-VT) and Sen. Robert Bennett (R-UT) intend to reintroduce the Artist-Museum Partnership Act, which would allow artists to take a charitable deduction for the fair-market value of their own works donated to museums, libraries, archives and other nonprofit collecting and exhibiting institutions. It would encourage gifts of visual art such as paintings and sculptures, as well as original manuscripts and supporting material created by composers, authors, and choreographers.

Rep. John Lewis (D-GA), who sponsored the identical bill in the House of Representatives in the last Congress, also plans to reintroduce the measure this year.

During his election campaign, President Obama said that he would sign such legislation once it passed Congress.