Wheaton has just been designated by the State of Maryland as an Arts and Entertainment District (A&ED). Qualifying artists working in the Wheaton A&ED are now eligible for income tax credits. Developers who create spaces for artists to live and/or work and A&E businesses owning property can be eligible for property tax credits. The property tax credit is for a period of 10 years and is on the increased portion of the County property taxes that would be due from new qualified capital investments, such as building renovations and new construction. For the first 5 years, eligible businesses would receive a property tax credit for 80% of the increased taxes due. For the next 5 years, the property tax credit would decrease by 10% per year (70% credit on year 6, 60% credit on year 7, etc.) The Wheaton A&ED is also exempt from admissions and amusement taxes.