From the American Craft Council:
Artist-Museum Partnership Act Improves Tax Fairness for Artists, Spurs Gifts to Museums.
The legislation proposes to amend the Internal Revenue Code allowing artists, writers, scholars and composers to receive the fair market value tax deduction when donating their works to public institutions or charitable organizations.
Under current law, if a living artist donates their work to a public institution or charitable organization, they are only allowed a tax deduction for the cost of materials.
Please call, fax or email your member of Congress as soon as possible. You can find their names at www.congress.gov Type your zip code and then click on your US Representative to obtain their contact information.
H.R. 1126 and S.405 will allow the creators of original material to take a tax deduction for the fair market value of donated works. Currently, the creators may claim a deduction for only the cost of materials, such as paint, canvas, paper and ink no matter the works' actual value.
Please blog about this, write about in the forums and spread the word as best as you can. It impacts all of us, not only as artists, but for museums and other non profits to have a better venue for receiving our cultural heritage.