Rhode Island’s State Historic Tax Credit program is a proven economic driver. Since its inception in 2002, $1.45 Billion in private investment has occurred all around the state from 257 completed projects. No other Rhode Island economic development program can demonstrate this level of success. Not only are the HTC program’s economic impacts impressive, but so too are the tangible physical and environmental improvements it produces for neighborhoods across the state.
Re-Build Rhode Island Tax Credit (including provisions for State Historic Tax Credit) Regs adopted, Application now online
Commerce RI has developed and approved the regulations for the Re-Build Rhode Island Tax Credit. A description of the new program and the governing regulations, along with a project application are now available HERE.
Commerce Secretary Briefs Grow Smart RI Supporters
Commerce RI Secretary Stefan Pryor met with supporters of Grow Smart RI on October 14th for a briefing about Governor Raimondo’s WAVE program, the new suite of smart growth-oriented economic development tools and incentives approved by the General Assembly in June, 2015.
State Historic Tax Credit Program | Budget Article 19 Sub A | Passed
Although Governor Raimondo’s initial economic development package contained no provision to extend the Historic Tax Credit program, the amended version of the package just signed into law authorizes outlays to smaller historic rehab projects as part of the new Rebuild RI Tax Credit initiative. These outlays are capped at 15% of the annual amount appropriated in any fiscal year for the Rebuild RI initiative. The “carve out” for smaller historic rehabilitation projects came in response to intense advocacy by Grow Smart RI, Preserve RI & others with the Raimondo Administration and General Assembly Finance Committees on behalf of continuing significant funding for the oversubscribed Historic Tax Credit program.
We consider this result a partial victory because it represents more than was proposed by the Governor originally but much less of a commitment to the Historic Tax Credit program than we championed through our support of legislation (H-5851) sponsored by Representative Regunberg of Providence. We will continue to advocate for a more substantial, multi-year commitment to the Historic Tax Credit program and bolster our arguments with additional case studies of the revitalization and economic development impact of a variety of recent Historic Tax Credit projects. We will also publicize to developers and commercial property owners all the financial opportunities for historic rehab projects within the Rebuild RI Tax Credit Initiative.