Was the R.I. House correct to raise the limit for tax incentives for Hope Point tower above the existing threshold?

GETTING A BOOST: As the 2019 session of the Rhode Island legislature comes to an end, the fiscal 2020 budget includes an expansion of potential incentives for the luxury residential Hope Point tower, to be built ON former Interstate 195 land in Providence. / COURTESY THE FANE ORGANIZATION
GETTING A BOOST: As the 2019 session of the Rhode Island legislature comes to an end, the fiscal 2020 budget includes an expansion of potential incentives for the luxury residential Hope Point tower, to be built ON former Interstate 195 land in Providence. / COURTESY THE FANE ORGANIZATION

In the last-minute rush to pass a budget for fiscal 2020, the R.I. House of Representatives threw a few curve balls, not the least of which was an incentive carve-out for Hope Point tower, the $300 million residential building proposed for a large chunk of the I-195 Redevelopment District in Providence.

The House lifted the cap for Rebuild Rhode Island tax credits to $25 million (more than the statutory limit for all other projects of $15 million), an amount that does not include other potential incentives from the city and the I-195 Redevelopment District Commission’s portfolio.

Was this a good thing to do?

Was the R.I. House correct to raise the limit for tax incentives for Hope Point tower above the existing threshold?

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