Tuesday, August 27, 2013

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.