The proposed bill establishes the "Own Your Own Art Purchase Program" within the Washington State Arts Commission, aimed at providing interest-free loans to eligible individuals for purchasing original works of art created by Washington state artists. The program is designed to stimulate the arts economy, support local artists, and increase art ownership by making original artwork more accessible. Eligible applicants must be U.S. residents, at least 18 years old, and agree to specific conditions regarding the use and export of the artwork. The loans will range from $1,000 to $12,000 and must be repaid in 12 equal monthly installments.
Additionally, the bill appropriates $225,000 from the general fund for the fiscal year ending June 30, 2026, to support the implementation of this program. The legislation emphasizes the importance of the arts in enhancing the quality of life and contributing to the economic vitality of Washington state, drawing inspiration from Tasmania's successful art purchase program. The overall goal is to foster a thriving arts ecosystem that enriches the cultural landscape of the state while providing financial support to both artists and art buyers.