Important Legislation for Artists and Crafts People

It's not unusual to be asked to contribute artwork or craft to nonprofit organizations for fundraising benefits. Many artists do it quite regularly. Right now the only thing you can deduct from your income tax is the cost of the materials you used for making the work. But a bill in Congress could more fairly compensate artists. H.R.1524 would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions. The U.S. tax system now accords unequal treatment to collectors who donate to museums, nonprofits or libraries. It allows them full market value of the work. So if you've ever asked an artist to contribute something to an auction benefit, please call your member of Congress to support this legislation.