Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment The Bottom Line.
This week Dave and Mark talk with Grow Smart Rhode Island Executive Director Scott Wolf. They discuss the future of the historic tax credit and how projects waiting in the wings may never come to fruition.
When to Listen
You can hear The Bottom Line each Friday at 5:50pm.
Lawmakers are set to begin their annual marathon session this Thursday to vote on a budget for the fiscal year starting July first. The $8.7 billion spending plan eliminates tolls on the Sakonnet River Bridge.
House Speaker Nicholas Mattiello says he’s gotten only positive feedback about the spending plan. The budget cuts the corporate tax rate from 9 to 7 percent and raises the exemption for the inheritance tax. The spending plan also includes $12.3 million to continue paying back investors in 38 Studios.
The top of the Atlantic Mills building in Providence is one of the Providence Preservation Society most 'endangered' properties in the city. The Society has been working to redevelop the property; hoping to take advantage of the state's historic tax credits program.
The House will take up a budget Thursday that does not include funding for the state’s historic tax credit program. In his budget, the governor included $52 million in tax credits with a $5 million per-project cap. But in a statement, House Speaker Nicholas Mattiello said the state is taking a one-year break, and points to projects still in the pipeline. Providence Preservation Society Executive Director Brent Runyon said that pipeline needs to stay open.
Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday they look at business news and themes that affect local business and the public.
This week Dave and Mark talk with Providence Business News staff writer Patrick Anderson. They discuss potential development of the old Providence waterfront power plant called Dynamo House. It’s entangled in ownership, legal and regulatory issues.
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.