A bill to amend the Internal Revenue Code of 1954 to allow a tax credit for certain contributions of literary, musical, or artistic compositions.

Summary

Amends the Internal Revenue Code to allow individual taxpayers an income tax credit for 30 percent of the fair market value of any literary, musical, or artistic compositions created by the personal efforts of such individual and contributed to a tax-exempt charitable organization. Specifies that the amount of such credit may not exceed the amount of tax paid by the contributor with respect to income from artistic creations in the current taxable year and in previous taxable years. Limits the amount of such credit to the greater of $2,500 or 50 percent of the taxpayer's tax liability for the taxable year. Denies such tax credit for contributions of letters, memoranda, or similar property which were prepared by the contributor in his capacity as an official of Federal or State Government. Limits the amount of contributions eligible for such tax credit to $35,000. Requires certification by the donors of such artistic creations that the contribution has significant artistic value and is related to the tax-exempt purpose or function of the donee's organization. Permits a carryover of excess credit amounts for five succeeding taxable years.

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1 official file

• Introduced in House

  summary · EN · 27 August 1980

  Open at official source

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