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Art Bonus: new opportunities to sponsor Italian heritage

Milan - July 16, 2014

On July 15th the Italian Parliament enacted the Culture & Tourism decree. Highly awaited, innovative opportunities are now available for companies and individuals wishing to play a part in restoring Italy’s immense artistic heritage. Among the most innovative tools on offer is the Art Bonus scheme, offering sponsorship opportunities with an associated tax credit worth 65% in 2014 and 2015, and 50% in 2016, of the funding provided for artistic and cultural institutes and foundations. These include all archaeological sites, museums, libraries, archives, theatres and opera houses, throughout the country.

Culture – oxygen for the mind, the soul and the economy – also represents a wonderful opportunity for businesses. The amazing impact and resonance of the €25 million restoration of the Colosseum, financed by Diego Della Valle’s Tod’s, the luxury footwear and leather goods manufacturer, has been clear for all to see. Meanwhile on the hill opposite the Colosseum another World Heritage Site is now seeking a patron, namely the Domus Aurea, the lavish “golden palace” built by Nero from AD 64 to 68. Its magnificent gardens and sprawling halls, frescoes and vaults are now closed for an extensive €31 million restoration. “We now have the Art Bonus, and this is the ideal place to use it”, remarked Italy’s Heritage Minister Dario Franceschini, who talked of the search for a company to fund an "extraordinary project that would capture the world's attention".

Apart from providing financial backing to sponsorship initiatives by companies and individuals, there are also specific opportunities for businesses in the tourism industry. For the years 2014, 2015 and 2016 tourist facilities throughout the country will benefit from a 30% tax credit for investments in property renovation, modernisation and the development of marketing and software tools.

Further details are to be made available on a special website under development by the Heritage Ministry. The website will list all restoration projects, and provide complete information about the works involved in restoring the country’s artistic heritage and details of the sponsoring entity or individual, for the whole world to see.

Source: The Ministry of Heritage and Cultural Activities.

Editorial Staff
Easy Business in Milan