CREATE Act of 2017

[AI summary unavailable — showing source text] Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy Act of 2017 or the CREATE Act of 2017 This bill amends the Internal Revenue Code to: (1) allow artists to claim tax deductions for qualified artistic charitable contributions based on the fair market value of a piece of artwork, rather than the value of the materials used to create it; and (2) revise income and gift tax requirements for charitable contributions of fractional gifts, the valuation of subsequent gifts, and recapture of the charitable deduction. The Small Business Act is amended to require the Small Business Administration to develop loan criteria, evaluation procedures, and technical assistance programs for small business concerns owned and controlled by artists and concerns that support the creative economy. The Public Works and Economic Development Act of 1965 and the Consolidated Farm and Rural Development Act are amended to require the Departments of Commerce and Agriculture to ensure that traditional economic development tools, such as business incubators and grant programs, support the arts industry and creative economy. The Immigration and Nationality Act is amended to require the De…