On March 21, 2017, Arts Advocacy Day, Americans for the Arts announced the re-introduction of the Comprehensive Resources for Entrepreneurs in the Arts to Transform the Economy (CREATE) Act whose programs will serve to help the creative economy prosper in every form that impacts our culture.
Through minor adjustments to existing federal programs, the legislation takes steps to better invest in our country’s workforce and creative industries, while empowering the entrepreneurial spirit of artists and encouraging their role as contributors to the small business community. ~“The Issue: Investing in the Nation’s Workforce and Creative Economy“
The CREATE Act aims to support the people who comprise the creative economy, namely artists and creative entrepreneurs, by:
- Expanding programs at the Small Business Administration (SBA) to increase microloans, business loans, and technical assistance for artists;
- Allowing artists to take an income tax deduction of the fair market value of their work when making a charitable contribution; and
- Ensuring access to FEMA’s disaster relief assistance for artists impacted by natural disasters.
The CREATE Act supports creative community development, improving the places each of us call home through provisions including:
- Requiring the Economic Development Administration (EDA) and U.S. Department of Agriculture’s Rural Development Administration ensure that traditional economic development tools, such as incubators and grant programs, support the creative economy throughout the country;
- Developing a model to promote the creative arts in local economic initiatives, such as cultural district planning; and
- Creating an Artist Corps to increase national service through the arts, as called for in the Serve America Act.
The CREATE Act seeks to amend and enhance federal regulations surrounding the creative economy by:
- Modifying the rules to encourage charitable contributions of fractional gifts;
- Improving the visa processing time for foreign guest artists and U.S. nonprofit arts organizations; and
- Lowering the capital gains tax pertaining to art to make it uniform.