Bill > HR1793

This bill, the Artist-Museum Partnership Act of 2019, amends the Internal Revenue Code to allow taxpayers who create certain types of property, such as literary, musical, artistic, or scholarly compositions, to deduct the fair market value (at the time of contribution) of those items when they are donated to qualified tax-exempt organizations. The bill sets specific requirements, such as the property must have been created by the taxpayer at least 18 months prior to the contribution and the taxpayer must obtain a qualified appraisal. The deduction is limited based on the taxpayer's "artistic adjusted gross income," which includes income from the sale or use of the taxpayer's creative works and related teaching or performance activities. The bill also clarifies the treatment of copyrights as separate property for purposes of the partial interest deduction rules.