ARTFEED — Contemporary Art Intelligence

Italy's 2021 Budget Law Creates €20M Fund for Creative SMEs

economy-finance · 2026-04-27

Italy's Budget Law for 2021 (Law No. 178/2020) allocates €20 million for the years 2021 and 2022 aimed at aiding small and medium-sized creative businesses. This fund, overseen by the Ministry of Economic Development, provides grants and subsidized loans to foster the growth of creative enterprises and encourage partnerships with various sectors and institutions. The law encompasses a wide range of activities within the 'creative sector,' such as architecture, audiovisual work, software, and design. Unlike the 2017 legislation (Law No. 205/2017), which suggested a 30% tax credit that was never enacted, the 2021 law does not reinstate such a credit. Specific implementation guidelines will be established through a decree from the Ministry of Economic Development in collaboration with MiBACT.

Key facts

  • The 2021 Budget Law (Law No. 178/2020) creates a €20 million fund for creative SMEs for each of 2021 and 2022.
  • The fund is managed by the Ministry of Economic Development.
  • It provides grants, subsidized loans, and combinations to promote creative enterprise creation and growth.
  • The fund supports collaboration with other sectors, universities, and research institutions.
  • It can subscribe to participatory financial instruments for innovative startups and SMEs.
  • The law defines 'creative sector' broadly, including architecture, archives, museums, audiovisual, software, video games, design, festivals, music, literature, performing arts, publishing, radio, visual arts, communication, and advertising.
  • The 2017 law's 30% tax credit for cultural enterprises was never implemented due to missing implementing decree.
  • The 2021 law does not reintroduce a similar tax credit, but cinema and audiovisual retain existing tax credits under Law 220/2016.
  • Implementation details will be set by a decree from the Ministry of Economic Development with MiBACT.
  • Author Federico Solfaroli Camillocci warns against the fund becoming inoperative like the 2017 tax credit.

Entities

Artists

  • Federico Solfaroli Camillocci

Institutions

  • Ministry of Economic Development
  • MiBACT
  • UniCredit Tax Affairs
  • Artribune

Locations

  • Italy

Sources