KRS § 141.0201 — KY Code / Title XI / Chapter 141 / Section 141.0201
141.0201 Artistic charitable contributions deduction for individuals
Status: in_force

141.0201 Artistic charitable contributions deduction for individuals.

(1) Notwithstanding any statutory provisions to the contrary, a deduction shall be

allowed individuals against adjusted gross income in arriving at net income for

"qualified artistic charitable contributions" in an amount equal to the fair market

value of the property contributed as determined at the time of such contribution.

(2) For purposes of this chapter, "qualified artistic charitable contribution" shall mean a

charitable contribution of any literary, musical, artistic or scholarly composition,

any letter or memorandum, or similar property, but only if:

(a) Such property was created by the personal efforts of the taxpayer no less than

one (1) year prior to such contribution;

(b) The taxpayer has received a written appraisal of the fair market value of such

property by a person qualified to make such an appraisal (other than the

taxpayer, donee, or any related person within the meaning of Section

168(e)(4)(D) of the Internal Revenue Code), and the appraisal is made within

one (1) year of the date of such contribution;

(c) The taxpayer attaches to his income tax return for the taxable year in which

such contribution was made a copy of such appraisal;

(d) The donee is an organization described in Section 170(b)(1)(A) of the Internal

Revenue Code;

(e) The use of such property by the donee is related to the purpose or function

constituting the basis for the donee's exemption under Section 501 of the

Internal Revenue Code, or in the case of a governmental unit, to a public

purpose; and

(f) The taxpayer receives from the donee a written statement representing that the

donee's use of the property will be in accordance with paragraph (e) of this

subsection.

(3) The aggregate amount of qualified artistic charitable contributions allowable to any

taxpayer as a deduction under this section for any taxable year shall not exceed the

artistic adjusted gross income of the taxpayer for such taxable year. For purposes of

this subsection, the term "artistic adjusted gross income" means that portion of the

adjusted gross income of the taxpayer for the taxable year attributable to:

(a) Income with respect to property described in subsection (2) of this section that

is created by the taxpayer; and

(b) Income from teaching, lecturing, performing or similar activity with respect to

such property or to similar property created by individuals other than the

taxpayer.

(4) The provisions of this section shall not apply in the case of any charitable

contribution of any letter, memorandum, or similar property which was written,

prepared or produced by or for an individual while such individual was an officer or

employee of the United States or any state, or political subdivision thereof, if the

writing, preparation, or production of such property was related to, or arose out of

the performance of such individual's duties as such an officer or employee.

(5) The provisions of this section shall be effective for tax years beginning on or after

January 1, 1987.