The benefits offered to designated districts include:
- property tax credits for new construction or renovation of certain buildings that create live-work space for artists and/or space for arts and entertainment enterprises;
- an income tax subtraction modification for income derived from artistic work sold by “qualifying residing artists”;
- an exemption from the Admissions and Amusement tax levied by an “arts and entertainment enterprise” or “qualifying residing artist” in a district.
These incentives promote smart growth, creative placemaking and community design by focusing economic development in a specific area as well as around creative industry.