Fractional Donations Of Art Could Make A Comeback

“Reacting to museums’ complaints of sharp declines in art donations, a bill announced Friday by Sen. Charles Schumer, a New York Democrat, could revive the practice of so-called fractional gifts by making the process easier and more tax-advantageous. Before the 2006 Pension Protection Act, collectors were allowed a tax break when they donated a work of art incrementally, giving away a certain percentage of rights to the work each year.”