Patrick Leahy: “Today we reintroduce the ``Artist-Museum Partnership Act,'' and once again, I am pleased to be joined in this effort by…”

“Today we reintroduce the ``Artist-Museum Partnership Act,'' and once again, I am pleased to be joined in this effort by Senator Bennett. This bipartisan legislation would enable our country to keep cherished art works in the United States and to preserve them in our public institutions. At the same time, this legislation will erase an inequity in our tax code that currently serves as a disincentive for artists to donate their works to museums and libraries. Our bill is sensible and straightforward. It would allow artists, writers, and composers to take a tax deduction equal to the fair market value of the works they donate to museums and libraries. This is something that collectors who make similar donations are already able to do. Under current law, artists who donate self-created works are only able to deduct the cost of supplies such as canvas, pen, paper and ink, which does not even come close to their true value.”