The Legislature of the City of Buenos Aires has approved significant changes to the Patronage Law, with the objective of facilitating cooperation between the public and private sectors in the financing of cultural projects.
This initiative, presented by legislator Cecilia Ferrero and developed together with the Buenos Aires Ministry of Culture, seeks to strengthen the cultural fabric of the City.
The Minister of Culture, Gabriela Ricardes, highlighted the relevance of this law: “The Patronage Law is a true bridge that connects thousands of cultural projects with the economic resources necessary for their development, and that allows companies to contribute to enhancing the scene. cultural. These modifications approved today by the Legislature are a key step to strengthen that link between public and private that Jorge Macri emphasizes so much.”
The Cultural Participation Regime – Patronage, a platform of the Ministry of Culture, will directly benefit from these modifications. This program, which includes 14 cultural disciplines, facilitates the financing of large-scale artistic and cultural projects by companies. In the 2023 call, 1,126 projects were selected, ranging from theatrical shows to audiovisual productions and historical heritage and infrastructure projects. Since its inception, the law has supported a total of 10,923 projects.
The new regulations improve the conditions for sponsors, who are taxpayers of the Gross Income Tax (II. BB.). Now they can deduct at least 80% of II. BB., contributing only 20% genuinely. Previously, tax deductions decreased with each approved project, starting at 80% and reducing to 50%. Without these modifications, starting in 2025, projects could only deduct 50% of II. BB., which would make its realization difficult due to lack of funds.
In addition, the law allows sponsors to allocate up to 20% of what they contribute to the IIs. BB., with the exception of large taxpayers, who may charge up to 10%. The possibility of presenting up to three cultural projects is also expanded, of which two may be approved.
The call for 2024 will be announced next September, ensuring a constant flow of support for the implementation of projects that enrich the cultural offer of Buenos Aires.
