The R.I. House Finance Committee did not include historic tax credits in the proposed budget fr next year. The Providence Presevation Society has issued the following call to action:
Act Now to Save Rhode Island’s Historic Tax Credits!
Last year, the State Historic Tax Credit Program was reinstated, and 26 new projects are underway – including the rehab of the Tirocchi House on Broadway and the George C. Arnold Building in Downtown Providence!
However, there are 27 additional projects throughout the state still waiting to receive credits. Without funding for Historic Tax Credits, most of these projects will not happen. This would mean the loss of nearly $160 million in construction activity, an investment of jobs and revenue which our economy desperately needs. Rhode Island’s Historic Tax Credit program has an excellent track record. From 2002 to 2008, it generated $1.3 billion in new private investment in Rhode Island’s real-estate economy. This resulted in 22,000 construction jobs, 6,000 permanent jobs, and total wages of more than $800 million.
Last week, the House Finance Committee declined to recommend funding for this program. The House will take up the budget this week; only a groundswell of voices from around the state will convince representatives to include Historic Tax Credits in the budget. Time is short – immediate advocacy is needed.
PPS supports Preserve Rhode Island’s efforts to restore the State Historic Tax Credit. Contact your Representative in General Assembly to ask them to urge the Speaker of the House, Nicholas A. Matiello, and the Chairman of the House Finance Committee, Raymond E. Gallison, to pass a budget that includes funding for Historic Tax Credits. Email or call your Representative before Wednesday, June 11th (they are expected to act on the budget on Thursday).
We also urge you to contact Speaker Matiello’s office directly:
House of Representatives
State House, Room 323
Providence, RI 02903
401-222-2466 • Repemail@example.com
Director, Office of House Policy
Room B43, State House
Providence, RI 02903
401-258-1760 • firstname.lastname@example.org
Continue Reading →