Providence Local News

 

RI to Hold Drawing for Historic Tax Credits

RI to Hold Drawing for Historic Tax Credits

        PROVIDENCE, R.I. (AP) _ The Rhode Island Division of Taxation plans to hold a drawing to see who qualifies for tax credits intended to help redevelop historic buildings.
 
       Tuesday's drawing comes after the state received 41 applications for more than $54 million in credits _ about $20 million more than is available.
 
       Rhode Island's historic tax credit program closed to new applicants in 2008, but some projects were abandoned, leaving $34.5 million unspent. The General Assembly and Gov. Lincoln Chafee this year made that money available to new projects.
 
       The money can be used to redevelop historic buildings. Projects can get a credit of 20 percent of what is spent, up to $5 million.

Image- Shutterstock/Bruce Rolff

 

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