Law of Patronage

Law of Patronage
   The Law of Foundations and of Fiscal Incentives for Private Participation in Activities of Public Interest, better known as the Law of Patronage (Ley de mecenazgo), was finally passed in 1994 after several years of negotiation. Individuals and corporate bodies can receive rebates of up to 20 percent of their tax liability by donating works of art (including contemporary works) to institutions whose chief purpose is to promote civic, educational, cultural, sporting or health initiatives, among them the non-profitmaking foundations, which also benefit from a reduction in the Impuesto de Sociedades (Corporate Tax). In 1995, for example, the Queen Sofía Museum received 112 such works.
   Private universities and bodies concerned with language normalization are excluded from the scope of the law.
   EAMONN RODGERS

Encyclopedia of contemporary Spanish culture. 2013.

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