New Bill Attempting to Re-Invigorate Art Gifting
The Wall Street Journal has an update on a proposed bill in the Senate (Schumer - NY) to revive tax incentives for fractional gifting of art to museums. Read the article here. Senator Schumer's proposed bill can be read here.
Stay tuned.
A related note: Earlier in the year, Senator Schumer introduced a bill to permit deductions for works of art donated to charities - if (among other requirements) you can get an appraisal. This bill was introduced in February and sent to committee. Until (or if) it's heard from again, you can read this bill here.
