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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
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) 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
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
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 Plain-English summary Congressional Research Service

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 June 7, 2005

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6167-6168)

 Related & companion bills 3
  • HR 1120 Related bill Artists' Contribution to American Heritage Act of 2005
  • S 372 Related bill Artist-Museum Partnership Act
  • HR 2786 Identical bill Art and Collectibles Capital Gains Tax Treatment Parity Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
Crapo, Mike
Idaho · Jun 20, 2005
 D
Schumer, Charles E.
New York · Jun 7, 2005
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1186: Art and Collectibles Capital Gains Tax Treatment Parity Act. 109th Congress. Open America. https://openamerica.io/bill/109-S-1186/
MLA
"S. 1186: Art and Collectibles Capital Gains Tax Treatment Parity Act." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-1186/.
Bluebook (legal)
S. 1186, 109th Cong. (2026), https://openamerica.io/bill/109-S-1186/.
Markdown link
[S. 1186: Art and Collectibles Capital Gains Tax Treatment Parity Act](https://openamerica.io/bill/109-S-1186/)
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