Reintroduction of Rhode Island historic tax credits

Grow Smart Rhode Island and others are working to reintroduce Rhode Island’s historic tax credit program:

Legislation has been introduced to establish a re-structured state historic preservation investment tax credit

On May 3, House Majority Whip J. Patrick O’Neill, joined by William San Bento, Elaine Coderre, Jeremiah O’Grady, and Raymond Johnston, introduced H-6098 which would establish a re-structured state historic tax credit for income-producing properties. Briefly, the tax credit program would:

• Provide a 20% tax credit, with the credit increased to 25% if a project included at least 25% commercial/industrial space or, in the case of downtown properties, if the entire first floor were rehabbed for commercial/industrial use;
• Apply to projects throughout Rhode Island;
• Have no cap;
• Delay awarding any credits until fiscal year 2013;
• Require that larger tax credit recipients, those entitled to a credit of more than $5 million, take their credit in a maximum of $5 million annual installments with any remaining balance paid to them in the 4th year of credit distribution.
• Social clubs and most single-family homes would not be eligible.

Find out more about how you can help support this legislation.