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S 394 111th Congress Senate Taxation Art, artists, authorship Capital gains tax Income tax deductions Income tax rates Literature Music Social work, volunteer service, charitable organizations

Art and Collectibles Capital Gains Tax Treatment Parity Act

Introduced: February 9, 2009 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 9, 2009
Read twice and referred to the Committee on Finance.
Feb 9, 2009
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% capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15% tax rate applicable to other investment property; and (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 February 9, 2009

Read twice and referred to the Committee on Finance.

 Related & companion bills 2
  • HR 1126 Related bill Artist-Museum Partnership Act of 2009
  • S 405 Related bill Artist-Museum Partnership Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Crapo, Mike
Idaho · Feb 9, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 394: Art and Collectibles Capital Gains Tax Treatment Parity Act. 111th Congress. Open America. https://openamerica.io/bill/111-S-394/
MLA
"S. 394: Art and Collectibles Capital Gains Tax Treatment Parity Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-394/.
Bluebook (legal)
S. 394, 111th Cong. (2026), https://openamerica.io/bill/111-S-394/.
Markdown link
[S. 394: Art and Collectibles Capital Gains Tax Treatment Parity Act](https://openamerica.io/bill/111-S-394/)
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