HARRY HUGHES, Governor

1127

(2)  INCREASED BY THE PORTION OF THE FAIR MARKET
VALUE OF DONATED ARTWORKS NOT DEDUCTIBLE FROM FEDERAL
ADJUSTED GROSS INCOME, PROVIDED THAT:

(I)  THE TAXPAYER DERIVES AT LEAST 20 50
PERCENT OF HIS INCOME FOR THE CURRENT OR PRIOR YEAR, OR AT
LEAST 50 PERCENT FROM ANY ONE OF THE PRIOR YEARS, FROM THE
SALE OF ARTWORKS PRODUCED BY THAT TAXPAYER; AND

(II)  THE FAIR MARKET VALUE OF THE ARTWORKS
HAS BEEN VERIFIED BY AN INDEPENDENT APPRAISER; AND

(III)  THE ARTWORKS WERE DONATED TO A
MUSEUM OR CHARITABLE ORGANIZATION AND ACCEPTED BY A MUSEUM
OPEN TO THE GENERAL PUBLIC LOCATED IN THIS STATE.; AND

(IV)  THE DEDUCTION FOR DONATED ARTWORKS
MAY NOT EXCEED 50 PERCENT OF THE INDIVIDUAL'S GROSS INCOME
IN THE CALENDAR YEAR OF THE DONATION.

(3)  IN THIS SUBSECTION, ARTWORKS INCLUDE
ARTISTIC, LITERARY, AND MUSICAL CREATIONS.

(a-1) For taxable years beginning after December 31,
1976, an individual who has elected to use the standard
deduction in determining his federal taxable income may
elect, in determining his taxable income under this
subtitle, to deduct the sum of the deductions to which he
would have been entitled had he elected to use itemized
deductions in determining his federal taxable income. Where
such an election is made the itemized deductions permitted
in this subsection may not exceed the federal zero bracket
amount allowable to the taxpayer under the Internal Revenue
Code, and the amount of itemized deductions shall be
[reduced by an amount representing income taxes imposed by
this State, any political subdivision of this State, and any
other state or subdivision of any other state or the
District of Columbia] ADJUSTED IN ACCORDANCE WITH THE
PROVISIONS OF SUBSECTION (A) OF THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 6, 1980.

CHAPTER 282
(Senate Bill 65)
AN ACT concerning

Natural Resources - Migratory Wild Waterfowl Stamp