Reintroduction of Rhode Island historic tax credits

In Development, Government by Greater City Providence1 Comment

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.

About the Author

Greater City Providence

Facebook Twitter

Promoting the smart urban growth of the Greater Providence region.

Comments

Leave a Comment