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S 638 107th Congress Senate

Arts and Collectibles Capital Gains Tax Treatment Parity Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide the same capital gains treatment for art and collectibles as for other investment property and to … Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to provide the same capital gains treatment for art and collectibles as for other investment property and to provide that a deduction equal to fair market value shall be allowed for charitable contributions of literary, musical, artistic, or scholarly compositions created by the donor.

Introduced: June 18, 2001 See on congress.gov
Taxation Agriculture and FoodAlcoholic beveragesArt objectsArts, Culture, Religion
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Authors and authorshipBooksCapital gains taxCharitable contributionsCoins and coinageCommerceCopyrightFinance and Financial SectorGoldGovernment Operations and PoliticsIncome taxIntellectual propertyJewelry tradeMetalsMusic
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 28, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3057-3058)
Mar 28, 2001
Sponsor introductory remarks on measure. (CR S3056-3057)
Mar 28, 2001
Introduced in Senate
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 Latest action March 28, 2001

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3057-3058)

 Plain-English summary Congressional Research Service
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to provide art and collectibles with capital gain rates similar to other assets held long-term. (Currently art and collectibles have a 28 percent capital gain rate.)

Establishes a (limited) fair market value deduction for qualifying literary, musical, or artistic charitable contributions created and donated by the taxpayer. (Currently such deduction is limited to the taxpayer's costs in creating the work.)

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Schumer, Charles E.
New York · Jun 18, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). S. 638: Arts and Collectibles Capital Gains Tax Treatment Parity Act. 107th Congress. Open America. https://openamerica.io/bill/107-S-638/
MLA
"S. 638: Arts and Collectibles Capital Gains Tax Treatment Parity Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-638/.
Bluebook (legal)
S. 638, 107th Cong. (2026), https://openamerica.io/bill/107-S-638/.
Markdown link
[S. 638: Arts and Collectibles Capital Gains Tax Treatment Parity Act](https://openamerica.io/bill/107-S-638/)
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