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Cultural Economy Initiative Sustaining the people who create and preserve artistic and cultural products and assets Enhancing capacity for production.

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Presentation on theme: "Cultural Economy Initiative Sustaining the people who create and preserve artistic and cultural products and assets Enhancing capacity for production."— Presentation transcript:

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2 Cultural Economy Initiative Sustaining the people who create and preserve artistic and cultural products and assets Enhancing capacity for production Developing new markets for their creations

3 Program Purpose For local governments to revitalize communities by creating locally driven hubs of cultural activity Benefits Increased cultural activity, occupancy, commerce, jobs, and sense of community identity

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5 Program Incentives 1.Historic Preservation – expands eligibility of state historic tax credits for rehabilitation of commercial and residential structures to cultural districts 2.Visual Arts and Crafts – state and local sales tax shall not apply to original, one-of-a-kind works of art

6 Tax Credit Programs* 1.State Residential Tax Credit 2.State Commercial Tax Credit 3.If applicable, Federal Historic Rehabilitation Tax Credit for Commercial Buildings Check for details *Separate applications by property owner required Historic Preservation

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8  Original  One-of-a-kind  Visual Art or Fine Crafts  Conceived and made by hand of artist or under his direction  Not intended for mass production Original art must meet all 5 of the following points:

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12 2013 Annual Report Results Rehabilitation Historic Buildings– 891 commercial, 319 residential applications. Sales Tax Exemptions– 761 businesses, 240 organizations, and 5,327 artists benefitted, representing over $14 million of original art sales Hubs of Cultural Activity– 2,818 cultural events, 3.9 million people Vacant Buildings– Vacancy rate decreased by 2% - 15% New Businesses– 362 net growth in cultural businesses Program Recognition as Model– Mayors' Institute on City Design's (MICD), Creative Placemaking

13 Gaye Hamilton, Cultural District Program Manager at Phone: or For Tax Credits: Andrea McCarthy, Tax Credit Program at Phone: or


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