The Wall Street Journal has an update on a proposed bill in the Senate (Schumer – NY) to revive tax incentives for fractional gifting of art to museums. Read the article here. Senator Schumer’s proposed bill can be read here.
Stay tuned.
A related note: Earlier in the year, Senator Schumer introduced a bill to permit deductions for works of art donated to charities – if (among other requirements) you can get an appraisal. This bill was introduced in February and sent to committee. Until (or if) it’s heard from again, you can read this bill here.
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By William F. Zieske and Coco Soodek, Attorneys at Law
Art shows are great opportunities for showing and selling direct to the public, but often come with high booth fees or esoteric entry rules. Thinking of creating your own art festival, either alone or with other artists? Here are the essential steps to navigating the legal obstacles.
Step One: Shield Yourself
Assuming your festival will be a for-profit venture, create a company to hold and house your festival business. The main considerations are flexibility, tax consequences and protection of the festival’s owners from personal liability for the festival’s misfortunes and mistakes.