Historic tax credits for building rehabs

The Division of Taxation has posted details about the renovation of a building in Pawtucket that formerly served as a grammar school and as a school administration building. The project involves Rhode Island historic preservation tax credits. 

The Division of Taxation also has posted details about the rehabilitation of a former mill in Westerly. The project also involves Rhode Island historic preservation tax credits. 

The Division of Taxation's web page on historic tax credits shows details involving all applicants that have signed a contract and paid the required fee under the state's 2013 historic preservation tax credit program.

Tax credit and incentive 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 latest report identifies the recipients of more than $30 million in certain state tax credits and incentives for the year ended June 30, 2015. 

Some of those recipients also received more than $10 million, in the aggregate, in other tax credits and incentives in Rhode Island.

Proposed regs on tax credits for business and job growth

The Division of Taxation today posted proposed regulations that offer details and guidance on three new tax credit and incentive programs:

• the Anchor Institution Tax Credit program;
• the Rebuild Rhode Island Tax Credit program; and
• the Rhode Island Qualified Jobs Incentive Act of 2015 program.

The programs are part of a package of credits and other incentives aimed at businesses that are prepared to invest in and foster job creation in the state.

Specifically, the programs are intended to help expand existing jobs, stimulate the creation of new jobs, attract new business and industry to the state, and stimulate growth in real estate developments. They are the result of legislation proposed by Governor Gina M. Raimondo, approved by the General Assembly, and signed into law on June 30, 2015. 

The proposed regulations mirror those posted by the Rhode Island Commerce Corporation. The programs are administered by the Commerce Corporation.

(Editor's Note: The viability of the links above may depend on which web browser is used. The links tested positive using the Safari and Firefox browsers. All proposed regulations are available at the following location: http://www.sos.ri.gov/ProposedRules/)

Liquor license renewals

The Rhode Island Division of Taxation today issued a reminder for holders of liquor licenses – and their advisers – about renewal requirements, including deadlines and date changes.

Email address for Collections; Notice for smoking bars

The Rhode Island Division of Taxation has assigned the following email address for those who seek to email the agency's Collections section: tax.collections@tax.ri.gov

Also, the Division of Taxation has posted a Notice to implement recent changes in statute regarding smoking bars.

Tax changes reviewed on Channel 10

Rhode Island Tax Administrator David M. Sullivan discussed recent changes to state tax law during an interview on August 7 on Channel 10.

Sullivan talked about the changes with Channel 10 Anchor Frank Coletta during the noon broadcast's "Money Watchers: Business Lunch" segment. (A summary of the changes is available in the latest issue of the Division of Taxation's newsletter. Video of the interview was posted on Channel 10's website.)

Rhode Island Tax Administrator David M. Sullivan

Tax Administrator at tax fraud seminar in Seattle

Rhode Island Tax Administrator David M. Sullivan was invited by the National Conference of State Legislatures (NCSL) to take part in a seminar about tax refund fraud during the NCSL's 2015 Legislative Summit in Seattle on August 3. 

In conjunction with the Internal Revenue Service, the Federation of Tax Administrators, and software providers, Sullivan has been leading a national effort this year to combat tax refund fraud. New tools are being readied to fight fraud during the coming tax filing season.

Tax Administrator David Sullivan (second from right) at NCSL summit.

Latest issue of newsletter

The Division of Taxation today posted the latest edition of its newsletter, Rhode Island Tax News. It includes information on the following topics: 

• Changes in tax law
• Tax incentives to grow jobs
• The fight against refund fraud
• Average refund amounts
• A new chief of Estate Tax
• Legal Corner
• Practitioners' Corner