Since its creation in 2001, Rhode Island’s Historic Preservation Tax Credits have attracted $1.3 billion in private investment, while costing the state $350.7 million in lost tax revenue. It was a successful program and one of the reasons that Rhode Island enjoys such a good reputation for having well-preserved and updated historic structures that people live and work in.
The impact on the state’s budget has been significant, however, so the program was suspended and only re-authorized to use money that had been appropriated already, despite continuing demand for new such projects. Given the success at attracting outside capital to the Ocean State, should the program be re-started and invigorated with new capital, despite the state’s ongoing structural deficit?
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