S 930
112th 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: May 10, 2011
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 10, 2011
Read twice and referred to the Committee on Finance.
May 10, 2011
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% 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
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1