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CONGRESS PASSES EXTENSION OF TAX REVISIONS; ART CONTRIBUTIONS TO MUSEUMS STILL TAX DEDUCTIBLE

 CONGRESS PASSES EXTENSION OF TAX REVISIONS;
 ART CONTRIBUTIONS TO MUSEUMS STILL TAX DEDUCTIBLE
 WASHINGTON, Nov. 27 /PRNewswire/ -- The American Association of Museums issued the following:
 This morning, Congress passed legislation extending for six months the 12 tax revisions set to expire Dec. 31. Included among the 12 is the "window" that allowed individuals subject to the Alternative Minimum Tax (ATM) to claim full market value deductions for gifts of appreciated tangible personal property. The President is expected to sign this legislation into law.
 This provision is especially important to American museums in light of:
 -- the huge decline in gifts of objects to museums caused by the elimination of the deduction in the 1986 Tax Reform Act;
 -- the dramatic increase in donated objects to museums during the 1991 tax year. (AAM has gathered documentation on both.)
 Ed Able, executive director of the American Association of Museums, stated:
 "With the loss of full deductibility of gifts of appreciated property in the 1986 Tax Reform Act, gifts of objects to museums plummeted. During the one year window which reinstated full deductibility during the tax year 1991, the public has benefited from a dramatic increase in gifts of objects to museums of all sizes, all disciplines, and in all parts of the country.
 "We are delighted that the Congress has continued helping the American museum community in its effort to create collections of America's patrimony. Without the supportive environment created by this tax provision, we simply could not hope to continue to accumulate important objects for the benefit of the public."
 -0- 11/27/91
 /CONTACT: Ed Able, executive director, American Association of Museums, 202-289-1818/ CO: American Association of Museums ST: District of Columbia IN: SU: LEG


MH -- DC008 -- 7732 11/27/91 12:25 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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