,,ii #aae? ,,congress #a/ ,session ,s4 #ffa ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ae1 #bjag,mr4 ,udall introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to assi/ entrepr5eurs1 support developm5t ( ! creative economy1 & enc\rage int]national cultural ex*ange1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,compreh5sive ,res\rces = ,entrepr5eurs 9 ! ,arts to ,trans=m ! ,economy ,act ( #bjag or ! ,,create ,act ( #bjag4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,,title ,i--,support = arti/s & entrepreneurs,sec4 #aja4 ,*>itable contributions ( c]ta9 items creat$ by ! taxpay]4,sec4 #ajb4 ,microloan program expansion4,sec4 #ajc4 ,,sba bus9ess loans = ! creative economy4,sec4 #ajd4 ,,sba te*nical assi/ance programs4,sec4 #aje4 ,arts-focus$ economic developm5t4,sec4 #ajf4 ,arts-focus$ rural developm5t4,sec4 #ajg4 ,int]national p>ticipation 9 ! arts4,sec4 #ajh4 ,disa/] support = arti/s ?r\gh ,,fema4,,title ,,ii--,support = ! creative economy,sec4 #bja4 ,modification ( rules = *>itable contributions ( fractional gifts4,sec4 #bjb4 ,capital ga9s tax rate relat+ to art4,,title ,,iii--,creative community development,sec4 #cja4 ,arti/ corps4,sec4 #cjb4 ,community developm5t entities focus$ on ! arts = purposes ( ! new m>kets tax cr$it4,sec4 #cjc4 ,demon/ration program on support ( local programs t promote creative & p]=mance arts 9 local economic plann+4 ,i ,support = arti/s & entrepr5eurs #aja4 ,*>itable contributions ( c]ta9 items creat$ by ! taxpay] 7a7 ,9 g5]al ,subsection 7e7 ( section #agj ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#h7 ,special rule = c]ta9 contributions ( lit]>y1 musical1 or arti/ic compositions 7,a7 ,9 g5]al ,9 ! case ( a qualifi$ arti/ic *>itable contribution-- 7i7 ! am\nt ( su* contribution %all be ! fair m>ket value ( ! prop]ty contribut$ 7det]m9$ at ! "t ( su* contribution71 & 7ii7 no r$uction 9 ! am\nt ( su* contribution %all be made "u p>agraph 7#a74 7,b7 ,qualifi$ arti/ic *>itable contribution ,= purposes ( ?is p>agraph1 ! t]m qualifi$ arti/ic *>itable contribution means a *>itable contribution ( any lit]>y1 musical1 arti/ic1 or s*ol>ly composition1 or simil> prop]ty1 or ! copyright !reon 7or bo?71 b only if-- 7i7 su* prop]ty 0 creat$ by ! p]sonal ef=ts ( ! taxpay] mak+ su* contribution no less ?an #ah mon?s prior to su* contribution1 7ii7 ! taxpay]-- 7,i7 has receiv$ a qualifi$ appraisal ( ! fair m>ket value ( su* prop]ty 9 accordance ) ! regulations "u ?is section1 & 7,,ii7 atta*es to ! taxpay]'s income tax return = ! taxable ye> 9 :i* su* contribution 0 made a copy ( su* appraisal1 7iii7 ! donee is an organization describ$ 9 subsection 7b77#a77;,a71 7iv7 ! use ( su* prop]ty by ! donee is relat$ to ! purpose or function con/itut+ ! basis = ! donee's exemption "u section #eja 7or1 9 ! case ( a gov]nm5tal unit1 to any purpose or function describ$ "u subsection 7c771 7v7 ! taxpay] receives f ! donee a writt5 /atem5t repres5t+ t ! donee's use ( ! prop]ty w be 9 accordance ) ! provisions ( clause 7iv71 & 7vi7 ! writt5 appraisal ref]r$ to 9 clause 7ii7 includes evid5ce ( ! ext5t 7if any7 to :i* prop]ty creat$ by ! p]sonal ef=ts ( ! taxpay] & ( ! same type z ! donat$ prop]ty is or has be5-- 7,i7 own$1 ma9ta9$1 & display$ by organizations describ$ 9 subsection 7b77#a77;,a71 & 7,,ii7 sold to or ex*ang$ by p]sons o!r ?an ! taxpay]1 donee1 or any relat$ p]son 7z def9$ 9 section #dfe7;b77#c77;,c774 7,c7 ,maximum doll> limitation2 no c>ryov] ( increas$ d$uction ,! increase 9 ! d$uction "u ?is section by reason ( ?is p>agraph = any taxable ye>-- 7i7 %all n exce$ ! arti/ic adju/$ gross income ( ! taxpay] = su* taxable ye>1 & 7ii7 %all n be tak5 into acc\nt 9 det]m9+ ! am\nt :i* may be c>ri$ f su* taxable ye> "u subsection 7d74 7,d7 ,arti/ic adju/$ gross income ,= purposes ( ?is p>agraph1 ! t]m arti/ic adju/$ gross income means t portion ( ! adju/$ gross income ( ! taxpay] = ! taxable ye> attributable to-- 7i7 income f ! sale or use ( prop]ty creat$ by ! p]sonal ef=ts ( ! taxpay] :i* is ( ! same type z ! donat$ prop]ty1 & 7ii7 income f tea*+1 lectur+1 p]=m+1 or simil> activity ) respect to prop]ty describ$ 9 clause 7i74 7,e7 ,p>agraph n to apply to c]ta9 contributions ,subp>agraph 7,a7 %all n apply to any *>itable contribution ( any lett]1 memor&um1 or simil> prop]ty :i* 0 writt51 prep>$1 or produc$ by or = an individual :ile ! individual is an (fic] or employee ( any p]son 7includ+ any gov]nm5t ag5cy or in/rum5tality7 unless su* lett]1 memor&um1 or simil> prop]ty is entirely p]sonal4 7,f7 ,copyright treat$ z sep>ate prop]ty = p>tial int]e/ rule ,9 ! case ( a qualifi$ arti/ic *>itable contribution1 ! tangible lit]>y1 musical1 arti/ic1 or s*ol>ly composition1 or simil> prop]ty & ! copyright on su* "w %all be treat$ z sep>ate prop]ties = purposes ( ?is p>agraph & subsection 7f77#c74 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to contributions made aft] ! date ( ! enactm5t ( ?is ,act 9 taxable ye>s end+ aft] su* date4 #ajb4 ,microloan program expansion ,section #g7m77#f7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7m77#f77 is am5d$ by add+ at ! end ! foll[+3 7,f7 ,loan crit]ia = arti/s & arts entrepr5eurs ,! ,adm9i/ration1 9 consultation ) eligible int]m$i>ies1 %all develop loan crit]ia to ensure t small bus9ess conc]ns own$ & controll$ by arti/s & small bus9ess conc]ns t support ! creative economy receive loan proce$s "u ?is subsection4 4 #ajc4 ,,sba bus9ess loans = ! creative economy ,section #g7;a7 ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fcf7;a77 is am5d$ by add+ at ! end ! foll[+3 7#ce7 ,creative economy ,9 provid+ assi/ance "u ?is subsection1 ! ,adm9i/ration %all develop proc$ures to evaluate ! bus9ess proposals & bus9ess plans ( small bus9ess conc]ns t focus on economic developm5t1 job creation1 & community gr[? ) respect to ! creative economy4 4 #ajd4 ,,sba te*nical assi/ance programs ,section #ba ( ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4 #fdh7 is am5d$ by add+ at ! end ! foll[+3 7o7 ,te*nical assi/ance programs = arti/s & arts entrepr5eurs ,! ,adm9i/ration1 9 consultation ) relevant /akehold]s1 %all develop te*nical assi/ance programs to be c>ri$ out by small bus9ess developm5t c5t]s "u ?is subsection t t>get ! specific ne$s ( arti/s & arts entrepr5eurs4 4 #aje4 ,arts-focus$ economic developm5t ,title ,,ii ( ! ,public ,works & ,economic ,developm5t ,act ( #aife 7#db ,u4,s4,c4 #cada et seq47 is am5d$ by add+ at ! end ! foll[+3 #bai4 ,arts-focus$ economic developm5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,bus9ess incubation program ,! t]m bus9ess incubation program means a program t-- 7,a7 accel]ates ! successful developm5t ( entrepr5eurial bus9esses ?r\gh bus9ess support res\rces & s]vices1 develop$ or or*e/rat$ by incubator managem5t2 7,b7 is design$ to produce successful bus9esses2 & 7,c7 provides managem5t guidance1 te*nical assi/ance1 & consult+ design$ = "y1 gr[+ bus9esses1 includ+ by provid+-- 7i7 r5tal space & flexible leases2 7ii7 %>$ basic bus9ess s]vices & equipm5t2 7iii7 te*nology support s]vices2 & 7iv7 assi/ance 9 obta9+ f9anc+ necess>y = gr[? ( ! bus9ess4 7#b7 ,incubator ,! t]m incubator means a multit5ant facility ) on-site managem5t t directs a bus9ess incubation program4 7b7 ,arts-,focus$ economic developm5t ,9 provid+ grants & assi/ance "u ?is ,act 7includ+ ?r\gh ! local te*nical assi/ance1 p>tn]%ip plann+1 & compreh5sive economic developm5t /rategies programs ( ! ,economic ,developm5t ,adm9i/ration71 ! ,secret>y %all provide to arti/s & ! creative economy support ?r\gh traditional economic developm5t tools1 includ+-- 7#a7 incubators2 & 7#b7 economic developm5t plann+ & te*nical assi/ance4 4 #ajf4 ,arts-focus$ rural developm5t ,! ,consolidat$ ,f>m & ,rural ,developm5t ,act 7#g ,u4,s4,c4 #aiba et seq47 is am5d$ by add+ at ! end ! foll[+3 ,j ,arts-,focus$ economic developm5t #chf;,a4 ,arts-focus$ economic developm5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,bus9ess incubation program ,! t]m bus9ess incubation program means a program t-- 7,a7 accel]ates ! successful developm5t ( entrepr5eurial bus9esses ?r\gh bus9ess support res\rces & s]vices1 develop$ or or*e/rat$ by incubator managem5t2 7,b7 is design$ to produce successful bus9esses2 & 7,c7 provides managem5t guidance1 te*nical assi/ance1 & consult+ design$ = "y1 gr[+ bus9esses1 includ+ by provid+-- 7i7 r5tal space & flexible leases2 7ii7 %>$ basic bus9ess s]vices & equipm5t2 7iii7 te*nology support s]vices2 & 7iv7 assi/ance 9 obta9+ f9anc+ necess>y = gr[? ( ! bus9ess4 7#b7 ,incubator ,! t]m incubator means a multit5ant facility ) on-site managem5t t directs a bus9ess incubation program4 7b7 ,arts-,focus$ economic developm5t ,9 provid+ grants & assi/ance "u ?is ,act 7includ+ ?r\gh ! local te*nical assi/ance1 p>tn]%ip plann+1 & compreh5sive economic developm5t /rategies programs ( ! ,(fice ( ,rural ,developm5t71 ! ,secret>y1 act+ ?r\gh ! ,"u ,secret>y = ,rural ,developm5t1 %all provide to arti/s & ! creative economy support ?r\gh traditional economic developm5t tools1 includ+-- 7#a7 incubators2 & 7#b7 economic developm5t plann+ & te*nical assi/ance4 4 #ajg4 ,int]national p>ticipation 9 ! arts ,section #bad7;c77#f77;,d7 ( ! ,immigration & ,nationality ,act 7#h ,u4,s4,c4 #aahd7;c77#f77;,d77 is am5d$-- 7#a7 9 ! fir/ s5t5ce1 by ins]t+ 7i7 be=e ,any p]son2 7#b7 9 ! second s5t5ce-- 7,a7 by /rik+ ,once & ins]t+ ,except z provid$ 9 clause 7ii71 once2 & 7,b7 by /rik+ ,attorney ,g5]al %all & ins]t+ ,secret>y ( ,homel& ,security %all2 7#c7 9 ! ?ird s5t5ce1 by /rik+ ,! ,attorney ,g5]al & ins]t+ ,! ,secret>y2 & 7#d7 by add+ at ! end ! foll[+3 7ii7 ,! ,secret>y ( ,homel& ,security %all adjudicate ea* petition = an ali5 ) extraord9>y ability 9 ! arts 7z describ$ 9 section #aja7;a77#ae77,o77i771 an ali5 accompany+ su* an ali5 7z describ$ 9 section #aja7;a77#ae77,o77ii771 or an ali5 describ$ 9 section #aja7;a77#ae77,p7 7o!r ?an an ali5 describ$ 9 section #bad7;c77#d77;,a7 7relat+ to a?letes77 n lat] ?an #ad days aft]-- 7,i7 ! date on :i* ! petition] submits ! petition ) a writt5 advisory op9ion1 lett] ( no objection1 or reque/ = a waiv]2 or 7,,ii7 ! date on :i* ! #ae-;day p]iod describ$ 9 clause 7i7 has expir$1 if ! petition] has _h an opportunity to supply rebuttal evid5ce4 7iii7 ,if a petition describ$ 9 clause 7ii7 is n adjudicat$ by ! end ( ! #ad-;day p]iod describ$ 9 clause 7ii7 & ! petition] is an arts organization describ$ 9 p>agraph 7#c71 7#e71 or 7#f7 ( section #eja7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf & exempt f tax "u section #eja7;a7 ( su* ,code = ! taxable ye> prec$+ ! cal5d> ye> 9 :i* ! petition is submitt$1 or an individual or entity petition+ prim>ily on behalf ( su* an organization1 ! ,secret>y ( ,homel& ,security %all provide ! petition] ) ! premium-process+ s]vices ref]r$ to 9 section #bhf7u71 )\t a fee4 4 #ajh4 ,disa/] support = arti/s ?r\gh ,,fema 7a7 ,9 g5]al ,! ,presid5t1 act+ ?r\gh ! ,adm9i/rator ( ! ,f$]al ,em]g5cy ,managem5t ,ag5cy1 %all promulgate rules to ensure t exp5ses incurr$1 z a result ( a major disa/] or em]g5cy1 by a self-employ$ or freelance work]1 includ+ a craft arti/1 f9e arti/1 design]1 lit]>y arti/1 p]=m+ arti/1 or musician1 to repair or replace tools ne$$ by ! self-employ$ or freelance work] are consid]$ eligible exp5ses = assi/ance "u section #djh ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eagd74 7b7 ,requirem5t ,! rules promulgat$ "u subsection 7a7 may n require1 z a condition ( receiv+ su* assi/ance "u section #djh ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eagd71 an applicant-- 7#a7 to apply or be decl9$ = assi/ance f ! ,small ,bus9ess ,adm9i/ration2 or 7#b7 to demon/rate t assi/ance receiv$ f ! ,small ,bus9ess ,adm9i/ration does n satisfy ! total necess>y exp5ses or s]i\s ne$s aris+ out ( a major disa/] or em]g5cy4 ,,ii ,support = ! creative economy #bja4 ,modification ( rules = *>itable contributions ( fractional gifts 7a7 ,income tax 7#a7 ,additional requirem5ts = d$uction ,p>agraph 7#a7 ( section #agj7o7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,d5ial ( d$uction 9 c]ta9 cases 7,a7 ,9 g5]al ,no d$uction %all be all[$ = a contribution ( an undivid$ portion ( a taxpay]'s entire int]e/ 9 tangible p]sonal prop]ty unless-- 7i7 all int]e/s 9 ! prop]ty are held imm$iately be=e su* contribution by-- 7,i7 ! taxpay]1 or 7,,ii7 ! taxpay] & ! donee1 7ii7 9 ! case ( an initial fractional contribution1 su* contribution is an undivid$ portion ( n less ?an #aj p]c5t ( all int]e/s 9 ! prop]ty1 7iii7 9 ! case ( an initial fractional contribution1 ! contribution is made pursuant to a writt5 b9d+ contract :i* requires ! donor-- 7,i7 to contribute n less ?an #bj p]c5t ( all int]e/s 9 ! prop]ty on or be=e ! date t is #aa ye>s aft] ! date ( ! initial fractional contribution1 & 7,,ii7 to contribute all ( ! int]e/s 9 su* prop]ty to ! donee 7or if su* donee is no long] 9 exi/5ce1 to any p]son describ$ 9 subsection 7c77 on or be=e ! e>li] ( ! date ( ! dea? ( ! donor or ! date :i* is #bj ye>s aft] ! date ( ! initial fractional contribution1 & 7iv7 if ! value ( ! tangible p]sonal prop]ty ) respect to :i* ! undivid$ portion ( ! taxpay]'s entire int]e/ relates is great] ?an #a1jjj1jjj 7or su* great] am\nt z det]m9$ by ! ,secret>y71 ! taxpay] atta*es to ! return = ! taxable ye> 9 :i* su* contribution is made a /atem5t ( value obta9$ f ! ,int]nal ,rev5ue ,s]vice4 ,9 ! case ( a donor :o dies be=e ! date :i* is #bj ye>s aft] ! date ( ! initial fractional contribution1 clause 7iii77,,ii7 is satisfi$ ) respect to su* initial fractional contribution if ! donor's w specifies t all ( ! int]e/s 9 su* prop]ty w be contribut$ to ! donee be=e su* date4 7,b7 ,exceptions ,! ,secret>y may1 by regulation1 provide = exceptions to subp>agraph 7,a77i7 9 cases :]e all p]sons :o hold an int]e/ 9 ! prop]ty make proportional contributions ( an undivid$ portion ( ! entire int]e/ held by su* p]sons4 ,su* regulations may modify ! requirem5ts ( clauses 7ii7 & 7iii7 ( subp>agraph 7,a7 to ! ext5t necess>y to c>ry out ! purposes ( ?is subp>agraph4 4 7#b7 ,valuation ( subsequ5t gifts ,p>agraph 7#b7 ( section #agj7o7 ( su* ,code is am5d$ to read z foll[s3 7#b7 ,valuation ( subsequ5t gifts ,9 ! case ( any additional contribution1 ! fair m>ket value ( su* contribution %all be det]m9$ by us+ a c]tifi$ appraisal f ! ,art ,advisory ,panel ( ! ,commission] ( ,int]nal ,rev5ue4 4 7#c7 ,recapture ( d$uction ,p>agraph 7#c7 ( section #agj7o7 ( su* ,code is am5d$-- 7,a7 by r$esignat+ subp>agraph 7,b7 z subp>agraph 7,c71 & 7,b7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+3 7,a7 ,recapture ,! ,secret>y %all provide = ! recapture ( ! am\nt ( any d$uction all[$ "u ?is section 7plus int]e/7 ) respect to any contribution ( an undivid$ portion ( a taxpay]'s entire int]e/ 9 tangible p]sonal prop]ty-- 7i7 9 any case 9 :i* ! donor fails to meet ! requirem5ts describ$ 9 p>agraph 7#a77;,a77iii71 & 7ii7 9 any case :]e su* prop]ty is n 9 ! physical possession ( ! donee 7o!r ?an 9 ! case ( art :i* is fragile or unwieldy7 & us$ 9 a use :i* is relat$ to a purpose or function con/itut+ ! basis = ! donee organization's exemption "u section #eja dur+ any applicable p]iod = a p]iod ( "t :i* be>s sub/antially ! same ratio to #e ye>s z-- 7,i7 ! p]c5tage ( ! undivid$ int]e/ ( ! donee 9 ! prop]ty 7det]m9$ on ! day aft] su* contribution 0 made71 be>s to 7,,ii7 #ajj p]c5t4 7,b7 ,applicable p]iod ,= purposes ( subp>agraph 7,a71 ! applicable p]iod means-- 7i7 ! #e-ye> p]iod beg9n+ on ! date ( ! lat] ( ! initial fractional contribution1 & 7ii7 ea* subsequ5t #e-ye> p]iod occurr+ dur+ ! #bj-ye> p]iod describ$ 9 p>agraph 7#a77;,a77iii77,,ii74 4 7b7 ,gift tax 7#a7 ,additional requirem5ts = d$uction ,p>agraph 7#a7 ( section #bebb7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7#a7 ,d5ial ( d$uction 9 c]ta9 cases 7,a7 ,9 g5]al ,no d$uction %all be all[$ = a contribution ( an undivid$ portion ( a taxpay]'s entire int]e/ 9 tangible p]sonal prop]ty unless-- 7i7 all int]e/s 9 ! prop]ty are held imm$iately be=e su* contribution by-- 7,i7 ! taxpay]1 or 7,,ii7 ! taxpay] & ! donee1 7ii7 9 ! case ( an initial fractional contribution1 su* contribution is an undivid$ portion ( n less ?an #aj p]c5t ( all int]e/s 9 ! prop]ty1 7iii7 9 ! case ( an initial fractional contribution1 ! contribution is made pursuant to a writt5 b9d+ contract :i* requires ! donor-- 7,i7 to contribute n less ?an #bj p]c5t ( all int]e/s 9 ! prop]ty on or be=e ! date t is #aa ye>s aft] ! date ( ! initial fractional contribution1 & 7,,ii7 to contribute all ( ! int]e/s 9 su* prop]ty to ! donee 7or if su* donee is no long] 9 exi/5ce1 to any p]son describ$ 9 subsection 7c77 on or be=e ! e>li] ( ! date ( ! dea? ( ! donor or ! date :i* is #bj ye>s aft] ! date ( ! initial fractional contribution1 & 7iv7 if ! value ( ! tangible p]sonal prop]ty ) respect to :i* ! undivid$ portion ( ! taxpay]'s entire int]e/ relates is great] ?an #a1jjj1jjj 7or su* great] am\nt z det]m9$ by ! ,secret>y71 ! taxpay] atta*es to ! return = ! taxable ye> 9 :i* su* contribution is made a /atem5t ( value obta9$ f ! ,int]nal ,rev5ue ,s]vice4 ,9 ! case ( a donor :o dies be=e ! date :i* is #bj ye>s aft] ! date ( ! initial fractional contribution1 clause 7iii77,,ii7 is satisfi$ ) respect to su* initial fractional contribution if ! donor's w specifies t all ( ! int]e/s 9 su* prop]ty w be contribut$ to ! donee be=e su* date4 7,b7 ,exceptions ,! ,secret>y may1 by regulation1 provide = exceptions to subp>agraph 7,a77i7 9 cases :]e all p]sons :o hold an int]e/ 9 ! prop]ty make proportional contributions ( an undivid$ portion ( ! entire int]e/ held by su* p]sons4 ,su* regulations may modify ! requirem5ts ( clauses 7ii7 & 7iii7 ( subp>agraph 7,a7 to ! ext5t necess>y to c>ry out ! purposes ( ?is subp>agraph4 4 7#b7 ,recapture ( d$uction ,p>agraph 7#b7 ( section #bebb7;e7 ( su* ,code is am5d$-- 7,a7 by r$esignat+ subp>agraphs 7,b7 & 7,c7 z subp>agraphs 7,c7 & 7,d71 respectively1 & 7,b7 by /rik+ subp>agraph 7,a7 & ins]t+ ! foll[+3 7,a7 ,recapture ,! ,secret>y %all provide = ! recapture ( ! am\nt ( any d$uction all[$ "u ?is section 7plus int]e/7 ) respect to any contribution ( an undivid$ portion ( a taxpay]'s entire int]e/ 9 tangible p]sonal prop]ty-- 7i7 9 any case 9 :i* ! donor fails to meet ! requirem5ts describ$ 9 p>agraph 7#a77;,a77iii71 & 7ii7 9 any case :]e su* prop]ty is n 9 ! physical possession ( ! donee 7o!r ?an 9 ! case ( art :i* is fragile or unwieldy7 & us$ 9 a use :i* is relat$ to a purpose or function con/itut+ ! basis = ! donee organization's exemption "u section #eja dur+ any applicable p]iod = a p]iod ( "t :i* be>s sub/antially ! same ratio to #e ye>s z-- 7,i7 ! p]c5tage ( ! undivid$ int]e/ ( ! donee 9 ! prop]ty 7det]m9$ on ! day aft] su* contribution 0 made71 be>s to 7,,ii7 #ajj p]c5t4 7,b7 ,applicable p]iod ,= purposes ( subp>agraph 7,a71 ! applicable p]iod means-- 7i7 ! #e-ye> p]iod beg9n+ on ! date ( ! lat] ( ! initial fractional contribution1 & 7ii7 ea* subsequ5t #e-ye> p]iod occurr+ dur+ ! #bj-ye> p]iod describ$ 9 p>agraph 7#a77;,a77iii77,,ii74 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to contributions & gifts made aft] ! date ( ! enactm5t ( ?is ,act4 7d7 ,transition rule ,9 ! case ( any additional contribution 7z def9$ 9 section #agj7o77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 ) respect to an initial fractional contribution 7z def9$ 9 su* section7 made aft] ,augu/ #ag1 #bjjf1 & be=e ! date ( ! enactm5t ( ?is ,act-- 7#a7 except = purposes ( det]m9+ ! fair m>ket value ( su* contribution "u section #agj7o77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z am5d$ by ?is ,act71 su* contribution %all be treat$ z an initial fractional contribution 7z s def9$7 subject to ! am5dm5ts made by ?is section1 & 7#b7 sections #agj7o77#c77;,a77i7 & #bebb7;e77#c77;,a77i7 ( su* ,code 7z 9 effect be=e ! date ( ! enactm5t ( ?is ,act7 %all n apply ) respect to any prior contribution ( an undivid$ portion ( ! taxpay]'s int]e/ 9 ! prop]ty4 #bjb4 ,capital ga9s tax rate relat+ to art 7a7 ,exclusion f #bh-,p]c5t rate ga9 ,subp>agraph 7,a7 ( section #a7;h77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ p>agraph 7#c7 & ins]t+ p>agraph 7#b77;,a7 or 7#c74 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 ,,iii ,creative community developm5t #cja4 ,arti/ corps 7a7 ,corps ,section #abb7;a7 ( ! ,national & ,community ,s]vice ,act ( #aiij 7#db ,u4,s4,c4 #abegb7;a77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,arti/ ,corps 7,a7 ,9 g5]al ,! recipi5t may c>ry out national s]vice programs ?r\gh an ,arti/ ,corps t id5tifies & meets unmet ne$s )9 communities ?r\gh arti/ic activities su* z ^? describ$ 9 subp>agraph 7,b7 & improves p]=mance on ! indicators describ$ 9 subp>agraph 7,c74 7,b7 ,activities ,an ,arti/ ,corps describ$ 9 ?is p>agraph may c>ry out activities su* z-- 7i7 provid+ skill$ visual & p]=mance arti/s to address community ne$s ?r\gh arti/ic activities 9 education1 heal? c>e1 & !rapeutic sett+s1 & 9 o!r sett+s 9 ! community2 or 7ii7 provid+ o!r arti/ic activities1 address+ unmet community ne$s1 t ! ,corporation may designate1 su* z te*nical assi/ance = grant writ+1 m>ket+1 & f9ancial plann+4 7,c7 ,arti/ ,corps indicators ,! indicators = a corps program describ$ 9 ?is p>agraph are-- 7i7 any indicator relat+ to meet+ critical ne$s t ! ,corporation e/abli%es2 or 7ii7 any local indicator 7applicable to a p>ticul> recipi5t or community & on :i* an improvem5t 9 p]=mance is ne$$7 relat+ to meet+ critical ne$s1 t is approv$ by ! ,corporation or a ,/ate ,commission4 4 7b7 ,con=m+ am5dm5ts ,section #abb ( su* ,act is am5d$-- 7#a7 9 subsection 7b77#c71 by /rik+ or 7#e7 & ins]t+ 7#e71 or 7#f72 & 7#b7 9 subsection 7c77#a71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ ?r\gh 7#e7 & ins]t+ ?r\gh 7#f74 #cjb4 ,community developm5t entities focus$ on ! arts = purposes ( ! new m>kets tax cr$it 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all develop & promulgate guidel9es = ! creation & op]ation ( qualifi$ community developm5t entities-- 7#a7 :i* w be eligible to be c]tifi$ z su* by ! ,secret>y ( ! ,treasury "u section #de;,d7c77#a77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf2 7#b7 a qualifi$ equity inve/m5t 9 :i* w1 subject to allocation "u section #de;,d7f7 ( su* ,code1 be eligible = ! cr$it "u su* section #de;,d2 & 7#c7 :i* w focus on inve/m5t 9 & ! developm5t & enc\ragem5t ( ! creative economy 9 l[-income communities4 7b7 ,def9itions ,= purposes ( ?is section1 any t]m us$ 9 subsection 7a7 :i* is also us$ 9 section #de;,d ( ! ,int]nal ,rev5ue ,code ( #aihf has ! same mean+ z :5 us$ 9 su* section4 #cjc4 ,demon/ration program on support ( local programs t promote creative & p]=mance arts 9 local economic plann+ 7a7 ,demon/ration program requir$ ,! ,secret>y ( ,comm]ce %all e/abli% a demon/ration program to assess ! feasibility & advisability ( provid+ support to cov]$ programs to promote creative & p]=m+ arts 9 ! economic plann+ ( local gov]nm5ts4 7b7 ,cov]$ programs ,= purposes ( ! demon/ration program requir$ by subsection 7a71 a cov]$ program is any program t-- 7#a7 0 9 effect on ! day be=e ! date ( ! enactm5t ( ?is ,act2 & 7#b7 ! ,secret>y consid]s "p ( an art community4