; or (2) to demonstrate that assistance received from the Small Business Administration does not satisfy the total necessary expenses or serious needs arising out of a major disaster or emergency. II Support for the creative economy 201. Modification of rules for charitable contributions of fractional gifts (a) Income tax (1) Additional requirements for deduction Paragraph (1) of section 170(o) of the Internal Revenue Code of 1986 is amended to read as follows: (1) Denial of deduction in certain cases (A) In general No deduction shall be allowed for a contribution of an undivided portion of a taxpayer's entire interest in tangible personal property unless— (i) all interests in the property are held immediately before such contribution by— (I) the taxpayer, or (II) the taxpayer and the donee, (ii) in the case of an initial fractional contribution, such contribution is an undivided portion of not less than 10 percent of all interests in the property, (iii) in the case of an initial fractional contribution, the contribution is made pursuant to a written binding contract which requires the donor— (I) to contribute not less than 20 percent of all interests in the property on or before the date that is 11 years after the date of the initial fractional contribution, and (II) to contribute all of the interests in such property to the donee (or if such donee is no longer in existence, to any person described in subsection (c)) on or before the earlier of the date of the death of the donor or the date which is 20 years after the date of the initial fractional contribution, and (iv) if the value of the tangible personal property with respect to which the undivided portion of the taxpayer's entire interest relates is greater than $1,000,000 (or such greater amount as determined by the Secretary), the taxpayer attaches to the return for the taxable year in which such contribution is made a statement of value obtained from the Internal Revenue Service. In the case of a donor who dies before the date which is 20 years after the