As Congress and the President struggled with addressing federal budget deficits, the deduction has been discussed as one possible way to increase revenue by either capping the value of the deduction to the taxpayer, reforming it or by elimination of the benefit. The Obama Administration has already proposed limiting the value of the deduction and proposals ranging from elimination of the deduction in last summer's "supercommittee" considerations to changes that would effectively curtail tax deductions to charity.
Comprehensive tax reform will be one of the central issues that Congress will be working on this year. Please take the opportunity to urge your member of Congress to preserve charitable incentives.
For further information on the arts and tax reform, please refer to our Issue Brief. [-] less