The legislature passed its third reading of a bill Thursday on the promotion of the cultural and creative industries, which stipulates that enterprises or individuals will be entitled to tax deductions for up to five years if they hold stocks in cultural and creative companies for at least two years. The law stipulates that for enterprises, the amount of tax deductible should not surpass 20 percent of the value of the stocks they hold. For individuals, the amount of tax deductible should not surpass 10 percent of the stock value, and the amount of tax deductible every year should not surpass 50 percent of the individual's income tax payable that year. In addition, the law also stipulates that enterprises that donate tickets to cultural and art shows to students and members of less- privileged groups will be able to deduct taxes with their contributions, with the amount -- which should be less than NT$10 million or 10 percent of the annual turnover of the business donor -- listed as expenses or losses for the year. Under the law, the public will also be able to enjoy price discounts for tickets for local movies, with the discount compensated by the government. Legislator Hung Hsiu-chu of the ruling Kuomintang (KMT) , who chaired the negotiations for the bill, said the discounts will be reflected directly in ticket prices. For example, she said, if the original ticket price for a locally produced movie is NT$200, the government discount will bring the price down to NT$150. The law will also provide a legal basis for the government to make cultural art show vouchers available to elementary and junior high school students. It also states that the government should contribute toward and help set up an institute for developing the cultural and creative industries, protect the budget needed for developing these industries, and offer aesthetics, cultural and creative arts-related courses for elementary and junior high school students. 