Section 1003 of the Taxes Consolidation Act 1997 is a scheme of tax relief for the donation of heritage items to the National Collections. Under the scheme, heritage items that are considered outstanding examples of their type and that are pre-eminent in their class, whose export from the State would constitute a diminution of the accumulated cultural heritage of Ireland, or whose import into the State would constitute a significant enhancement of the accumulated cultural heritage of Ireland, and which are considered suitable additions to the accumulated heritage of the State, may be donated to an approved body and 80% of the market value of the item(s) is then offset against the current tax liability of the donor. There is a ceiling of €6 million in respect of any one year. The approved bodies are:
The National Archives
The National Gallery of Ireland
The National Library of Ireland
The National Museum of Ireland
The Irish Museum of Modern Art
The Crawford Art Gallery Cork
All of the approved bodies listed in the schedule to section 1003 are National Cultural Institutions that hold National Collections.