The drawing will be held at a meeting to start at 10 a.m. in Conference Room A of the Department of Administration building (the Powers Building), One Capitol Hill, Providence, R.I., which is diagonally across from the State House.
The historic tax credit program has generally been closed since 2008. Certain projects were essentially grandfathered and continue. However, some other projects have been “abandoned” – leaving about $34.5 million in credits available but unclaimed as of May 15, 2013.
It is those unused credits that will be available to qualified applicants. The reopened program – which uses the term “historic preservation tax credits” – is a result of legislation approved by the General Assembly and signed into law by Governor Lincoln D. Chafee on July 3, 2013. The program is intended to encourage the redevelopment and reuse of historic buildings and help spur economic growth.
The Division of Taxation began accepting applications for the credits on August 1, 2013. On that day, the credits were oversubscribed – the agency received requests for $54.5 million in credits, which is about $20 million more than are available. As a result, all of the 41 applications – which were received on or before August 1 – will be entered in the drawing.
For more details, please see the details online at the Rhode Island Division of Taxation.
No comments:
Post a Comment