A bill to amend the Internal Revenue Code of 1954 to modify the restrictions contained in section 170(e) in the case of certain charitable contributions of ordinary income property.

[AI summary unavailable — showing source text] Provides under the Internal Revenue Code that the reduction in the value of a charitable contribution shall be decreased by 75 percent in the case of a contribution of a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property by a taxpayer. Limits such tax deduction to an amount not to exceed the income for such year from the sale or exchange of property which qualifies for the reduction under this Act.…