S. 374 · 110th Congress
Art and Collectibles Capital Gains Tax Treatment Parity Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
DomeniciSponsor7 cosponsors · 2 D, 5 R
5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (2) allow the creator of a literary,…
What it does: CRS summary · Introduced in Senate · Jan 24, 2007
Art and Collectibles Capital Gains Tax Treatment Parity Act - Amends the Internal Revenue Code to: (1) eliminate the 28-percent capital gains tax rate for collectibles, thus allowing gain from the sale of collectibles (including art works) to be taxed at the 15-percent tax rate applicable to other investment property; (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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Art and Collectibles Capital Gains Tax Treatment Parity Act
Latest action (Jan 24, 2007): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1060-1061)
Policy area: Taxation · Origin: Senate · Introduced: Jan 24, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.