12/01/2005: "Artist tax code / 2 new "works in progress""
Possible changes to the US tax code would allow artists here in the US to deduct the actual value of donated artwork, not just the value of the materials (which you can't even deduct since they've already been deducted as a business expense). This is a big one for me as I donate several pieces to charity auctions every year and though they generate a lot of money for the charites, I don't get any tax credit for them.
However, THIS BILL HAS NOT PASSED THE HOUSE. The bill will be hashed out in a House/Senate committee that begins to meet soon. According to ArtSmart, here's how you can help:
1. Call and let your Representative know you would like to see them support the Senate's version of the Tax Relief bill, especially this provision.
2. Go to Art-Exchange Petition and sign up. We will present the petition and names to the chair of the House/Senate conference committee. Our goal is to obtain at least 10,000 names, with at least one from every state and one from D.C. (though personally I don't know if online petitions do any good)
3. Call and thank your Senator for the Senate's inclusion of this provision and let them know that it is important to you that it remain in the tax relief bill.
4. tell your friends.
You can find more information on this issue at http://www.nytimes.com/2005/11/22/arts/design/22tax.html You have to register (it's free) to read it, but it *is* true.
I'm also adding a link to the US. House of Representatives where you can write your representative.