Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to provide art and collectibles with capital gain rates similar to other assets held long-term. (Currently art and collectibles have a 28 percent capital gain rate.)
Establishes a (limited) fair market value deduction for qualifying literary, musical, or artistic charitable contributions created and donated by the taxpayer. (Currently such deduction is limited to the taxpayer's costs in creating the work.)
Actions
Mar 28, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3057-3058)
Mar 28, 2001
Sponsor introductory remarks on measure. (CR S3056-3057)