S 1186
109th Congress
Senate
Taxation
Art
Arts, Culture, Religion
Capital gains tax
Charitable contributions
Income tax
Literature
Music
Tax deductions
Tax rates
Art and Collectibles Capital Gains Tax Treatment Parity Act
Introduced: June 7, 2005
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 7, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6167-6168)
Jun 7, 2005
Sponsor introductory remarks on measure. (CR S6166-6167)
Jun 7, 2005
Introduced in Senate
Plain-English summary
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6167-6168)
Committees of jurisdiction
1