Results of drawing on historic tax credits

The Division of Taxation has posted the results and a summary of yesterday's public drawing involving historic preservation tax credits. About 50 people attended the drawing, which took place in a conference room at the Powers Building in Providence, near the State House.

Project representatives, state officials, and others attended the drawing.

Drawing held for $34.5 million in tax credits

The Division of Taxation today held a drawing to allocate about $34.5 million in historic tax credits to applicants.

A total of 41 people or entities applied on August 1, 2013, for $54.5 million in credits -- about $20 million more than were available. So the agency held a drawing to allocate the credits.

The result: credits were tentatively allocated to the first 32 applicants whose numbers were drawn. Remaining applicants will remain in queue in case someone drops out.

About 50 people attended the drawing, which was open to the public and held at a conference room in the Department of Administration Building (also known as the Powers Building) near the State House in Providence.

Rhode Island Tax Administrator David M. Sullivan confers
with Principal Revenue Agent Donna Dube at tax credit drawing.

Drawing tomorrow for historic tax credits

The Division of Taxation holds a drawing tomorrow, August 27, to allocate tax credits from Rhode Island's newly reopened historic preservation tax credit program. Click here for details.

Tax credit report available online

The Division of Taxation has posted on its website the annual tax credit and incentive report, as required by Rhode Island statute. The report lists the recipients of more than $17.9 million in certain state tax credits and incentives for the year ended June 30. The report was posted August 15.

Tax credit drawing set for August 27

The Rhode Island Division of Taxation plans to hold a drawing on August 27, 2013, for $34.5 million in available historic preservation tax credits. A total of 41 applications were submitted or postmarked by 11:59 p.m. on August 1, 2013 -- which is the first day that the agency officially began accepting applications. (Applications received prior to August 1 were deemed received on August 1.)

Because the credits were oversubscribed on the first day -- the 41 applicants seek about $54.5 million in credits -- those applicants will be placed in a queue, their position to be determined through a drawing at an open meeting which starts at 10 a.m. on August 27 at the Division of Taxation in Providence. 

In essence, those who wind up toward the front of the queue will get first dibs on the credits -- if their completed applications are approved and they clear certain other hurdles. Those toward the middle or end of the queue may not earn the right to claim credits unless someone ahead of them drops out. Those with applications received on or after August 2, 2013, will be placed at or near the end of the queue, possibly through one or more separate drawings.

Historic tax credits oversubscribed; drawing to be held

The Division of Taxation has received applications for more than $54 million in historic tax credits -- which is about $20 million more than are available. As a result, the agency will hold a drawing later this month. Click here for details.