S. 661 115th Congress Senate

CREATE Act of 2017

Official title: A bill to assist entrepreneurs, support development of the creative economy, and encourage international cultural exchange, and for other purposes.

Introduced: April 12, 2018 See on congress.gov

Commerce Administrative law and regulatory proceduresArt, artists, authorshipBooks and print mediaCapital gains tax

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Charitable contributionsCommunity life and organizationCultural exchanges and relationsDepartment of Homeland SecurityDepartment of the TreasuryDisaster relief and insuranceEconomic developmentFederal Emergency Management Agency (FEMA)Foreign laborGovernment lending and loan guaranteesIncome tax deductionsIntellectual propertyLiteratureMusicNational and community servicePerforming artsProperty rightsRural conditions and developmentSelf-employedSmall businessTax-exempt organizationsTransfer and inheritance taxesVisas and passports

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 15, 2017

Read twice and referred to the Committee on Finance.

Mar 15, 2017

Introduced in Senate

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Latest action March 15, 2017

Read twice and referred to the Committee on Finance.

Plain-English summary Congressional Research Service

Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2017 or the CREATE Act of 2017

This bill amends the Internal Revenue Code to: (1) set forth new tax rules for the deduction of charitable contributions of literary, musical, or artistic compositions; and (2) exclude gain from the sale of art works from the highest capital gains tax rate.

The bill amends the Small Business Act to require the Small Business Administration to develop loan criteria, evaluation procedures, and technical assistance programs for small business concerns owned and controlled by artists.

The bill amends other federal enactments to require:

business incubation and grant programs to support artists and the creative economy;
the Department of Homeland Security to adjudicate nonimmigrant visas for artists and entertainers of extraordinary ability within 14 days; and
the Federal Emergency Management Agency (FEMA) to provide assistance for disaster-related expenses incurred by specified artists, designers, or musicians.

The bill amends the National and Community Service Act of 1990 to establish an Artist Corps that identifies and meets unmet needs within communities through artistic activities.

The Department of the Treasury shall develop and promulgate guidelines for the creation and operation of qualified community development entities focusing on investment in the creative economy in low-income communities.

The Department of Commerce shall establish a demonstration program to promote creative and performing arts in the economic planning of local governments.

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