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					            For More Information
         For more information about
         the Silver Spring Arts and
         Entertainment District call
         or write:

         Silver Spring Regional Center
             8435 Georgia Avenue
          Silver Spring, MD 20910

           Phone: 301-565-7300

           Email: silver.spring@
         montgomerycountymd.gov
                      or
           silverspring.citizen@
         montgomerycountymd.gov

                Web site:
       www.montgomerycountymd.gov/
               silverspring




             Douglas M. Duncan,
              County Executive




                                         ARTS & ENTERTAINMENT
                                         ART ENTERT
1/06                                            DISTRICT
ARTS & ENTERTAINMENT
ART ENTERT                                              WHO AND WHAT IS ELIGIBLE?                                   WHAT ARE THE BENEFITS?
                                                      Artistic Work – original and creative work, and any     Income Tax Subtraction Modification The State of
   The Silver Spring Arts                             product generated, either written, composed or          Maryland will provide an income tax subtraction for
                                                      executed, in one of eight categories:                   a qualifying residing artist. A qualifying residing art-
 and Entertainment District                                                                                   ist may subtract from federal adjusted gross income
                                                        1. A book or other writing;
                                                                                                              the amount of income derived within the Silver Spring
The Silver Spring Arts and Entertainment Dis-           2. A play or performance of a play;                   Arts and Entertainment District from the publication,
trict, designated by the State of Maryland in                                                                 production, or sale of an artistic work that the artist
January 2002, is the first and only A&E dis-            3. A musical composition or
                                                           performance of a musical                           wrote, composed, or executed within the District.
trict in Montgomery County; and one of only
four in the entire state. The A&E district com-            composition;
                                                                                                              Financial Assistance The Maryland Economic
bines incentives to attract artists and enter-          4. A painting or other picture;                       Development Assistance Fund can provide financial
tainment venues to a concentrated area. The                                                                   assistance for an Arts and Entertainment Enterprise
                                                        5. A sculpture;
incentives include a number of tax benefits plus                                                              or an Arts and Entertainment Project in the
financial assistance available from the Mary-           6. Traditional or fine crafts;                        Silver Spring Arts and Entertainment District.
land Economic Development Assistance Fund.              7. The creation of a film or the acting
                                                           within a film; or                                  Admissions and Amusement Tax
Lively and vibrant Downtown Silver Spring is                                                                  Exemption Any admission or
the real incentive, its many community ameni-           8. The creation, or performance, of a dance.
                                                                                                              amusement charge levied by
ties reflecting its renewed vitality as a preferred             Any piece or performance created or           an Arts and Entertainment
destination for work, play, and quality living.             executed for industry-oriented or industry-       Enterprise or a Qualifying
Redevelopment is creating a lively place filled            related production does not qualify.               Residing Artist is exempt from the tax.
with exciting people.
                                                                                                              Property Tax Credit A 10 year
BIT BY BIT . . . PUTTING IT TOGETHER                         Arts and Entertainment Enterprise – for profit
                                                                                                              credit reduces the increase in the county property
Building on already-existing arts and entertain-              or nonprofit entity which is dedicated to
                                                                                                              tax that happens when the assessment increases
ment programs, along with the arrival of the                  visual or performing arts.
                                                                                                              after construction or renovation of a building. The
American Film Institute, Discovery Communi-                                                                   credit is available for space in manufacturing,
cations, and Round House Theatre, the new                   Arts and Entertainment Project – project that     commercial, or industrial buildings constructed or
district will offer income tax relief to artists,          promotes or enhances the development of an         renovated for use by a Qualifying Residing Artist or
                  and financial assistance to              A&E district.                                      an Arts and Entertainment Enterprise. The credit for
                        arts and entertainment                                                                the first five years is 80% of the increase. The credit
                        projects. Other benefits      Qualifying Residing Artist – individual who             declines 10% in each of the following five years,
                      include admission/amuse-                                                                and becomes zero after the tenth year:
                                                        owns or rents residential real property in
                    ment tax exemption, and
                                                        Montgomery County, Maryland and                                            YEAR       PERCENT CREDIT
                 property tax credit for capital
                                                        conducts a business in the A&E district; and                              1 TO 5                80
                   investment to renovate a
                                                        has income from the sale or performance of                                   6                  70
                      property for artists to live
                                                                                                                                     7                  60
                      and work in, or for an arts       an artistic work within the A&E district,
                                                                                                                                     8                  50
                   and entertainment enterprise.        whether written, composed, or executed                                       9                  40
                                                        individually or with others.                                                10                  30

				
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posted:6/15/2012
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