Politics
8:51 am
Thu June 12, 2014

State's Historic Tax Program Not Included In State Budget

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.

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.
Credit Providence Preservation Society

“What the state needs is a predictable source of incentives for developers. It’s hard enough to get people in the state to do projects, but we’re certainly not going to attract outside investment unless we have something that’s predictable year after year," said Runyon.

Runyon’s concerned that without tax credits, more historic buildings will be demolished. Matiello said the budget does include funding to turn the old power plant in Providence into a nursing facility.

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