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Tax Incentives Special Tax Benefits If you're an artist who decides to live and work in the District, or if you're a property owner who renovates a building for artists or an arts and entertainment purpose, you may be able to take advantage of these special State and City tax benefits: (1) a property tax credit on qualifying renovations; (2) a waiver of the admissions & amusement tax; and (3) an income tax credit for most artistic work generating revenue in the District. Applying for Property Tax Credit Before they start renovations, property owners can get a sense of whether or not they will qualify by contacting: Robert
Young Under the City's ordinance, property owners must apply for the tax credit within 90 days following receipt of the tax assessment notice reflecting the eligible assessment. The application must be filed with the City's Director of Finance, whose address is: Director
of Finance Applying for the Admissions & Amusement Tax Exemption To receive the benefit of this exemption, the arts & entertainment enterprises must register with the City's Director of Finance. Applying for An Income Tax Credit On their Maryland Tax Return, qualifying individual artists are entitled to claim a subtraction for income derived from the sale, publication, production or performance of an artistic work within an arts and entertainment district. Form 502AE (Subtraction For Income Derived Within An Arts and Entertainment District) and instructions can be found on the website of the Comptroller of Maryland at http://www.comp.state.md.us, under forms and instructions for filing personal taxes. |
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