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Sales Tax Changes

By Intellectual Property Law, Esq.

Jo Laird emails a reminder that changes to the New York State sales tax law went into effect January 1 which will require the tax to be paid on certain sales by museums and other tax exempt organizations:

"The provision on sales at auction houses will eliminate an advantage that exempt organizations have had in selling art. If a buyer knows that he won't have to pay sales tax on a picture, he can spend more money on the work itself. That advantage has not only garnered more funds for museums and other exempt institutions; it has also affected donors' decisions in the past as to whether to sell art and donate the proceeds of the sale to a charity or to donate the art itself. Those calculations will now change."

The changes are described here.

Full post as published by The Art Law Blog on February 19, 2009 (boomark / email).