Public Good IRA Rollover Act of 2007 Would Continue and Expand Lifetime IRA Tax-Free Distributions, S. 819, H.R. 1419, www.thomas.gov
The positive public response to the Pension Protection Act's two-year window allowing taxpayers age 70 ½ to make lifetime transfers of up to $100,000 to most public charities has prompted new legislation that would expand and extend this opportunity. On March 8, 2007, The Public Good IRA Rollover Act of 2007 was filed in both the House (H.R. 1419) and Senate (S. 819) with bipartisan sponsors in both chambers. The Public Good IRA Rollover Act of 2007 would allow taxpayers age 70 ½ and older to make outright distributions in unlimited amounts from IRAs to qualified exempt charities (described as an §170(c) organization which includes donor advised funds, supporting organizations, and private foundations) and allow taxpayers age 59 ½ and older to make transfers from IRAs to create charitable remainder trusts, pooled income funds, and charitable gift annuities. Both bills have been referred to committee.
Artist-Museum Partnership Act Would Allow Artists To Claim Fair Market Value Deduction for Self-Created Works of Art, S. 548, www.thomas.gov
In February 2007 Sen. Patrick J. Leahy (D-VT) introduced the Artist-Museum Partnership Act, S. 548, allowing artists to claim a fair market value charitable deduction for literary, musical, artistic, or scholarly compositions they create and donate to charity. To qualify for the fair market value deduction, the property must have a related use and must have been created no less than 18 months prior to the donation. The deduction is limited to "artistic adjusted gross income" which is income from the sale or use of the same type of self-created property ad income from teaching, lecturing, performing or similar activity related to the property; excess amounts may not be carried forward. Since the 1969 law, artists have only been allowed to deduct their basis in art they create and contribute to charity. Related bills include H.R. 1524 and S. 374.