Should the historic preservation tax credit be reinstated?

Posted 6/20/11

The General Assembly is looking to resurrect the state’s historic preservation tax credit, with advocates pointing to more than $1.3 billion in private investment that the previous program leveraged in the state, while opponents point to the state’s budget shortfalls and unfunded retirement benefit liabilities.

Where do you stand on the issue?

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One of RI's most underappreciated resourses is our wonderful architecture. I am worried that if these tax credits are not re-instated in some form or other that many of these buildings will be lost.

Monday, June 20, 2011 | Report this

Our state government should look into reviving the (state) historic preservation tax credit with an emphasis on a tiered, graduating basis - setting a reasonable cap or level of award, devising a scoring system that's somewhat competitive yet flexible to assign to a worthy project and systematically set a schedule for how many projects can be claimed /redeemed for such credits.

Reviewing those project that are pending is a good start ... assessing projects in distressed communities is another avenue and some type of bond fund and annual appropriation ratio could be a funding source.

There may have to be a lower threshold (20%) of qualified costs/credits.

This could be seen as a modest economic recovery and development measure that can fuel our economy via employment, in-state purchases, applicable taxes, infrastructure improvements and preservation with the genuine appearance of building activity, aesthetic impressions and public/private confidence.

Saturday, July 2, 2011 | Report this
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