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This week’s poll

Do you agree with the elimination of the historic preservation tax credit program from the latest state budget proposal?

Posted:

Despite its inclusion in Gov. Lincoln D. Chafee’s budget proposal, the R.I. House Finance Committee’s budget for fiscal 2015 unveiled recently did not include continuing authorization for the state’s historic preservation tax credit program.

Brought back in the fiscal 2014 budget after a multiyear hiatus, using $34.5 million of tax credits which had been approved in previous years by the state but abandoned by developers, the program this year has fueled 26 projects that are expected to generate nearly $180 million in economic activity in the state.

The governor’s budget proposal included $52 million that is left over from previous budget years, and it was expected that money would be scooped up quickly as well, given that in addition to the 26 projects that received funding for this year’s program, there were 27 more projects that wound up on a waiting list for the tax credits. Advocates for the program say that not re-authorizing it risks losing up to $160 million in construction activity alone, to say nothing of sales and employment taxes.

Did the House leadership make a good choice when it decided to eliminate the historic preservation tax credit from the fiscal 2015 budget?

historic preservation tax credit, fiscal 2014 budget, fiscal 2015 budget, house leadership, construction activity, lincoln d. chafee

Comments

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offthegrid

The best ax used in the budget.

Monday, June 16, 2014 | Report this
RossCann

Defunding the tax credits was a stupid travesty. It is like a farmer saying "why should I put money into planting orchards? That will cost me money and all the fruit will probably go to my children and not me." Investing in the unique resources that RI has is a great way to help fix blighted areas, assure our unique character and generate increased tax revenues for many decades to come.Only the small-minded, short-sighted or hard-hearted could oppose such a leveraged and long term investment.--Ross Cann

Tuesday, June 17, 2014 | Report this
SCRESCI@ASRI.ORG

Historic tax credits create jobs as the beautiful buildings that attract visitors and add to Rhode Island's tourist economy are renovated, employing the skills of our under-used construction industry.

Eugenia Marks

Tuesday, June 17, 2014 | Report this
KarenJ

Removing the historic tax credits from the budget, which was to use money left over from a previous round,is just so incredibly short-sighted of the Legislature. The move reminds me of the recent story in the ProJo about the NY developer who declined to submit a proposal for a 195 parcel. He was quoted as saying the political and economic climate in RI is just too unpredictable for developers to feel secure about investing here. Now we get more of the same.

This start-and-stop approach to historic tax credits, a proven jobs and economic generator in states around the country, does RI's future no favors and will hurt especially the hard hit construction trades as well as our cities and towns looking for increased property tax revenue.

Tuesday, June 17, 2014 | Report this
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