Historical tax credit program to reopen next month

Rhode Island’s historical redevelopment tax credit program is reopening next month after being on hiatus for several years. The General Assembly passed legislation this year making available $34.5 million in credits for developers looking to rehabilitate qualified historical properties. The state Division of Taxation said Wednesday that it will begin accepting applications Aug. 1. If applicants apply for more credits than the total available, the tax division will hold a drawing to determine which applications may qualify for the credits later.

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