Artist-Museum Partnership Act

The Artist-Museum Partnership Act (S. 694) would change the tax code to allow artists, writers, and composers to claim a tax deduction for the full market value of their own works when they donate them to a museum or library. Currently, creators can only deduct the cost of the materials used (such as paint or paper), while collectors who purchase the same works can deduct the full appraised value. By providing this financial incentive, the bill aims to encourage artists to donate their creations to public institutions rather than selling them to private collectors, ensuring that significant cultural and scholarly works remain accessible to the general public.