Wed August 28, 2013
Division of Taxation Hands Out Historic Tax Credits
The Rhode Island Division of Taxation held a drawing Tuesday to award just $35 million in state historic tax credits. The General Assembly voted earlier this year to reopen the historic tax credit program.
The Division of Taxation used a drawing to pick who would get the tax credits since demand outstripped supply. State Tax Administrator David Sullivan says the recipients comprise a variety of projects expected to boost the economy.
"Over the next few years about 137, 150 million of economic stimulus are going to be put into the state," said Sullivan. "These are mostly going to be construction jobs, which are going to be put into our economy."
The Division of Taxation isn’t identifying the specific purpose of the tax credits until the recipients receive additional certifications. The relaunch of the historic tax credit program is using previously allocated money to fund the credits.
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