[MarignyBywater] Are Marigny / Bywater Missing Out?

[Scott Graves]

An article in today’s Times Picayune could relate strongly
to Marigny/Bywater.  Other parts of
the city are already taking advantage of some great improvement incentives.  Briefly,

 

Tax incentives hope to stimulate local art world

 

 

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.

 

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.

 

And if
you renovate a 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. They could land a tax write-off for the
renovation and enjoy tax-free art sales. A property owner must contact the state's
Division of Historic Preservation to determine if an old building qualifies for
a renovation tax credit.

 

"This
means that artists who paint at home do not have to go through a gallery, " she said. "So there's
nobody they have to answer to, except for the federal tax man."

 

Many older
sections of New Orleans are obvious candidates for cultural district status.
And neighborhoods far from the galleries of Royal and Julia streets are taking
advantage of the incentives.

 

Full Times
Picayune article at:

http://www.nola.com/politics/index.ssf/2009/10/post_27.html







      
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