CAM LEGISLATIVE ALERT 11/18/05
CAM Legislative Alerts are notifications for members and supporters of the California Association of Museums regarding state or federal issues affecting museums. If you have any questions, please email CAM at cam@calmuseums.org.
The California Association of Museums (CAM) encourages you to take a few minutes of your time to review the call to action below from the American Association of Museums (AAM). AAM is asking museum representatives to contact their federal elected officials to ask for their support of "The Tax Relief Act of 2005" (S. 2020).
Thank you for supporting the California and nationwide museum field. Please feel free to contact Celeste DeWald, Executive Director, at the CAM office at (831) 471-9970 or cam@calmuseums.org with any questions or comments you may have.
AAM Museum Advocacy Team
Information Alert – November 18, 2005
Breaking News - Senates Passes Incentives for Charitable Giving
Early Friday morning the United States Senate passed the "Tax Relief Act of 2005," (S. 2020) by a vote of 64-33. This development is breaking news that represents the first step in major victories for museums and all charities. The legislation includes several taxpayer incentives for charitable giving affecting museums, as well as non-profit reforms.
Artist's Deduction
Allow artists, writers and composers to take a fair-market-value tax deduction for works of their own creation donated to nonprofit institutions such as museums, libraries, or archives. (Currently artists may deduct only the cost of materials used for the artistic work contributed to a cultural institution.)
Deductions for Nonitemizers
Allow taxpayers who do not itemize their taxes to take a charitable deduction for overall contributions that are more than $210 ($420 for joint filers) with no ceiling beyond what is in current law applying to itemizers.
IRA Rollover
Allow donors at age 59½ to transfer funds from a traditional or Roth Individual Retirement Account (IRA) to a charity as a split-interest gift and as a direct gift at age 70½ .
In S. 2020 all three provisions are only in effect from December 31, 2005 through December 31, 2007.
AAM and the charitable community are working quickly to develop a comprehensive analysis of the Senate Finance Committee bill. The House Ways and Means is expected to bring its own tax relief bill (H.R. 4297) to the House floor today. That bill currently does not include matching provisions for charitable giving. Before Thanksgiving, AAM will provide advocates and members with a further update on this and other pressing legislative issues affecting museums, including the status of FY 2006 appropriations for the Institute of Museum and Library Services.
Contact Your Representatives in Congress
It is critical that advocates from all museums reach out to their members of Congress to encourage them to support the incentives for charitable giving included in S. 2020. Legislators rely on the opinions and positions of their constituents to inform their votes throughout the annual appropriations process.
Visit http://www.house.gov/writerep/ to write or e-mail your Representative or http://www.senate.gov/ to get your Senators' contact information. If you send an e-mail, be sure to include the topic, bill or agency in your subject line so that it can be directed to the appropriate staff member responsible for the issue.
Or call the Capitol Switchboard at 202-224-3121 and ask for the office of your Representative or Senators and request to speak to the staffer responsible for the issue.
For additional information, contact AAM's Government & Media Relations at (202) 289-9125.
| CONTACT CAM |
We welcome your comments and inquiries. Please contact the CAM office at:
Celeste DeWald, Executive Director
California Association of Museums
P.O. Box 1455
Santa Cruz, CA 95061-1455
Located at the Seymour Marine Discovery Center
Phone: (831) 471-9970
FAX: (831) 471-9381
Email: cam@calmuseums.org
http://www.calmuseums.org/
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Questions: General Information: cam@calmuseums.org Technical Support |