historic tax credit

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment The Bottom Line.

This week Dave and Mark talk with Grow Smart Rhode Island Executive Director Scott Wolf. They discuss the future of the historic tax credit and how projects waiting in the wings may never come to fruition.

When to Listen

You can hear The Bottom Line each Friday at 5:50pm.

RIPR FILE

Lawmakers are set to begin their annual marathon session this Thursday to vote on a budget for the fiscal year starting July first. The $8.7 billion spending plan eliminates tolls on the Sakonnet River Bridge.

House Speaker Nicholas Mattiello says he’s gotten only positive feedback about the spending plan. The budget cuts the corporate tax rate from 9 to 7 percent and raises the exemption for the inheritance tax. The spending plan also includes $12.3 million to continue paying back investors in 38 Studios.

Providence Preservation Society

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.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday they look at business news and themes that affect local business and the public.

This week Dave and Mark talk with Providence Business News staff writer Patrick Anderson. They discuss potential development of the old Providence waterfront power plant called Dynamo House. It’s entangled in ownership, legal and regulatory issues.

When to Listen

RIPR FILE

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 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 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 Bottom Line: Redesigning Historic Spaces

Jul 26, 2013

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday they look at business news and themes that affect local business and the public.

This week Dave talks with Rhode Island School of Design professor Liliane Wong. She heads the interior architecture department at RISD, has published about adaptive reuse in design, and is a registered architect. They discuss the promise and challenges of turning old buildings into new spaces.

When to Listen

Starting this week, only the beacon atop the so called Superman building will be lit. Most of the other exterior lights will be dark, said Bill Fischer, spokesman for the building’s owner.

Bank of America was the only tenant and it left the building earlier this year. Fischer said keeping the beacon lit is sign that work is being done to bring the building back to life.

“You know, to maintain outside lighting on an empty building of approximately anywhere between $26,000 to $30,000 a year, is not a prudent expenditure of money,” said Fischer.

Rhode Island lawmakers have spent a lot of  time recently searching for ideas to jump-start the state economy. RIPR political analyst Scott MacKay suggests they head back to the future.

Hardly a week passes without Rhode Island’s business, political and public policy elite floating yet another plan for digging our state out of its economic rut. The ideas run the gamut; from modest proposals as providing more internships to keep college students in Rhode Island after they graduate to bigger dreams, such as abolishing the state sales tax.

Rhode Island lawmakers have spent a lot of  time recently searching for ideas to jump-start the state economy. RIPR political analyst Scott MacKay suggests they head back to the future.

Hardly a week passes without Rhode Island’s business, political and public policy elite floating yet another plan for digging our state out of its economic rut. The ideas run the gamut; from modest proposals as providing more internships to keep college students in Rhode Island after they graduate to bigger dreams, such as abolishing the state sales tax.

RIPR file

The downtown Providence skyscraper affectionately known as the “Superman building” may be getting a new lease on life.  The 26 story office building may be going residential.

Providence developer Arnold “Buff” Chace says he has been hired by the owner of the Superman building to conduct a feasibility study into turning it into an apartment building.