The Rhode Island General Assembly and Gov. Lincoln Chafee approved legislation reinstating historic tax credits that are used as a spur to help finance restoration of historic buildings in the Ocean State. Tomorrow, the RI Division of Taxation will hold a lottery drawing for the reopened tax credit program.
The program has been generally closed since 2008, according to a statement from Neil Downing, the division’s chief revenue agent. But some projects were grandfathered in and have been proceeding. But about $34.5 million in credits available but unclaimed as of May 15, 2013.
The unused credits will be available to developers tomorrow in a lottery to be held at 10 a.m. in conference room A at the Department of Administration at One Capitol Hill.
The tax division began accepting applications for historic tax credits on August 1. The credits were quickly oversubscribed, with the agency getting requests for $54.5 million, or about $20 million more than is available this year. Thus, all 41 applications will be entered into the drawing.