Artist-Museum Partnership Act

The Artist-Museum Partnership Act (S. 372) would change the tax code to allow artists, writers, and scholars to claim a tax deduction for the full fair market value of their own works when donated to museums or libraries. Currently, creators can only deduct the cost of materials (such as paint or paper), while collectors who buy the same works are permitted to deduct the full market value. By providing this financial incentive, the bill aims to encourage creators to donate their works to public institutions rather than selling them to private collectors, thereby increasing public access to significant cultural and scholarly works.