PROVIDENCE – As a part of Gov. Lincoln D. Chafee’s fiscal year 2014 budget Rhode Island’s historic tax program will be reopened after the program’s termination in 2008, the R.I. Division of Taxation announced Tuesday.
The General Assembly amended and passed the legislation restoring the program and it was signed into law on July 3.
The program, which will encourage redevelopment of historic buildings, will be reopened with a new name and set of rules. After the program’s termination in 2008, $34.5 million in credits were left available. Qualified applicants will be able to apply for those credits on or after Aug. 1.
“In my state of the state and budget address, I proposed modifying the historic tax credit program by providing access to abandoned tax credits. I wasn’t to thank the General Assembly for reopening the program in this year’s budget,” Chafee said in prepared remarks. “Through this initiative, Rhode Island’s economic climate and financial health move forward and the tax burden on businesses begins to see some reduction.”
The redesigned program will provide a credit for 20 percent of rehabilitation expenditures for approved rehabilitation projects. Project credits will not exceed $5 million for any building.
For more information about the program visit: www.preservation.ri.gov/credits.