The Italian Law Decree dated 31 May 2014, no. 83, modified and converted into Law dated 29 July 2014, no. 106 and subsequently amended by Law dated 23 December 2014, no. 190 (article 1, paragraph 11) and again by Law dated 28 December 2015 no. 208 (article, paragraph 318) introduced a tax credit for those donating to support culture: the so-called “Art-Bonus”.
This legal framework allows for a favourable tax regime – in the form of tax credits – for individuals and legal entities that donate money to support operatic and symphonic foundations.
CORPORATE BODIES
Organisations subject to Italian company tax making monetary donations to support Fondazione Teatro dell’Opera di Roma Capitale can now receive a tax credit, at a rate of 65% of the actual amount donated.
This tax credit is recognised within the limits of the “5 per Mille” scheme (0.5% of taxable income) and is divided into three equal annual instalments.
Notwithstanding this division into three equal annual instalments, organisations subject to company tax can benefit from this tax credit in the shape of tax deductions pursuant to Article 17 of Legislative Decree dated 9 July 1997, no. 241 and subsequent amendments. In other words, this tax credit is not considered when calculating income tax (IRES) and regional tax on productive activities (IRAP).
NATURAL PERSONS AND NON MARKET ENTITIES
Natural persons and non-market legal entities making monetary donations to support the Fondazione Teatro dell’Opera di Roma Capitale are entitled to a tax credit, at the rate of 65% of the actual amount donated.
This tax credit is recognised within a limit of 15 percent of taxable income and is divided into three equal annual instalments.
For further information visit the official website “Art Bonus”
