Tax Incentives Stimulate Algiers Artists
A year ago, 29 state-designated cultural products districts began offering a package of tax incentives that formalized use of the arts and artists to generate economic activity. Two of those districts are located in Algiers, the Federal City, Tunisburg, Algiers Point Cultural District and the Old Algiers Cultural District. Click here to view the cultural district maps.
If you buy original works of art within a designated cultural district, you don’t have to pay state or local tax. That can mean a savings of up to 9 percent of the purchase price, depending on the parish in which the purchase is made.
The lieutenant governor’s office defines eligible works of art as “original, one-of-kind, visual art; conceived and made by hand of the artist or under his direction; and not intended for mass production, except for limited editions.”
Examples include “visual arts and crafts, ” ceramics, wood, glass, mixed media, wearable art, and “limited, numbered editions (up to 100) of lithographs.” Ineligible products include performing art, reproductions of visual art, food and live plants.
And if you renovate an old building within such a district, you may be eligible for state tax credits. The rules vary depending on whether the building is rental property, an owner occupied residence or a commercial property.
Assuming the structure is more than 50 years old, and that the renovation maintains the historic character of the building, property owners could be eligible for up to $25,000 in credits.
Sat, Oct 3, 2009
General