Wednesday, August 7, 2013

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.