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.
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.
The owner of Providence tax preparation company has been sentenced to more than two years in prison for tax evasion and for continuing to operate his business in violation of a court order. The company – known as “Refunds Now Inc.” -- first came under the federal radar in 2010.
Officials with the Rhode Island Division of Taxation say it should be a little easier to track the progress of your income tax refund this year.
The “Where’s my refund” tool on the division’s website is being upgraded to give taxpayers more detailed information on why the refund is held up. In the past it often said ‘held for review’ – sometimes for weeks.
Neil Downing, a chief revenue agent, says it’s part of the division’s ongoing efforts to improve customer service.