US SB930 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on May 10 2011 - 25% progression, died in committee
Action: 2011-05-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 10 2011 - 25% progression, died in committee
Action: 2011-05-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28% capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15% tax rate applicable to other investment property; and (2) allow the creator of a literary, musical, artistic, or scholarly property a fair market value tax deduction for the donation of such property to a tax-exempt organization, if properly appraised and donated no sooner than 18 months after its creation.
Title
Art and Collectibles Capital Gains Tax Treatment Parity Act
Sponsors
| Sen. Charles Schumer [D-NY] | Sen. Mike Crapo [R-ID] | Sen. Debbie Stabenow [D-MI] |
History
| Date | Chamber | Action |
|---|---|---|
| 2011-05-10 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB1190 (Related) 2011-03-17 - Referred to the House Committee on Ways and Means.
Subjects
Art, artists, authorship
Capital gains tax
Income tax deductions
Income tax rates
Literature
Music
Social work, volunteer service, charitable organizations
Taxation
Capital gains tax
Income tax deductions
Income tax rates
Literature
Music
Social work, volunteer service, charitable organizations
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/senate-bill/930/all-info |
| Text | https://www.congress.gov/112/bills/s930/BILLS-112s930is.pdf |
