The Rhode Island Division of Taxation says scores of applications have come in to receive millions of dollars in tax credit. Applicants of the program must come up with a detailed plan to rehabilitate historic structures in the state.
Neil Downing, with the Division of Taxation, says 41 projects have submitted applications for $54.5 million in credits. As a result, a drawing will be held at the end of the month to determine which project will pick up the credits.
“As a result of the recession, the building and construction trades took a hammering. The legislation that was enacted into law to reopen the program is intended, in part, to help those industries recover, create jobs and spur economic activity. Hopefully, some of these projects will stimulate Rhode Island’s economy.”
The drawing will be held on August 27th.