Chafee on historic tax credit: not now.

PROVIDENCE, RI – Mayors in some of Rhode Island's distressed cities say reactivating the state historic tax credit would bolster economic development. But Governor Lincoln Chafee says it's not the right time to renew the program.

The General Assembly is considering two bills to reactivate the tax credit program after it was suspended in 2008. Chafee says he likes that idea, but he finds fault with the timing.

"Eventually," says Chafee, "I would like to get historic tax credits back. Right now we just can't afford it, but at some point in the future that is a priority of mine. We have to wait for the economy to come back, so we can afford those credits."

Supporters say the tax-credit program would bolster the construction industry and create jobs. Critics say the historic tax credit was overly generous and that its benefits didn't trickle down to workers.

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