Tax credits for project in Providence

The Rhode Island Division of Taxation has posted details about the rehabilitation of a building located in the Broadway-Armory Historic District in Providence.

The project, at the former Meader Street School at 20 Almy St., Providence, involves Rhode Island historic preservation tax credits. The building will be converted to apartments.

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.

Division of Taxation helps investigate illegal network

The Rhode Island Division of Taxation helped to investigate a multi-state illegal tobacco distribution network. The investigation led to the arrest and arraignment on Thursday of a man in Holyoke, Massachusetts.

“We allege that this defendant was running a multi-state criminal operation that involved transporting, selling and distributing illegal, untaxed cigarettes to convenience stores across Massachusetts and across state lines,” Massachusetts Attorney General Maura Healey said in a statement. “We will continue to work with our state and federal partners to crack down on those who evade the law and rob our state of needed tax revenue,” Healey said.

“This is the result of teamwork and of close cooperation and hard work among investigative authorities in multiple jurisdictions, including Massachusetts, Rhode Island, and Connecticut,” said Rhode Island Acting Tax Administrator Neena S. Savage.

“We are proud of the efforts that the Rhode Island Division of Taxation’s Special Investigation Unit made over multiple months in this complex investigation. We will continue to work together with state and federal agencies to make sure that the law is upheld,” Savage said.

The case is being investigated by the Massachusetts Attorney General’s Office; the Massachusetts State Police; Holyoke Police; the Massachusetts Department of Revenue; the federal Bureau, of Alcohol, Tobacco and Firearms; the Connecticut Department of Revenue Services’ Special Investigations Section; the Providence Police Intelligence Unit; and the Rhode Island Division of Taxation’s Special Investigation Unit.

Attorney General issues caution on IRS scam

Rhode Island Attorney General Peter F. Kilmartin last week cautioned consumers about a new twist on an IRS scam.

Traditionally, the scammers would call a consumer stating they were calling from the IRS to let the consumer know they owed back taxes and were going to be arrested if they did not make a payment right away, using a pre-paid debit card. More often than not, if the consumer did not answer the phone, the scammer would not leave a message, and would move on to their next target.

Now, he said, the scammers have created a sophisticated network of phone calls and return phone numbers in order to fool the consumer into thinking they are legitimate. More and more often, the scammers will leave a voicemail indicating they are from the IRS calling about a problem with your tax return and request the consumer call them back immediately.

Attorney General Kilmartin strongly suggests not to engage the caller. "If someone calls claiming to be from the IRS, simply hang up. If you receive a voicemail from someone claiming to be from the IRS, do not call them back," said Kilmartin. For more information, click here.

Wavemaker tax credit applications now available

Governor Gina M. Raimondo and the Rhode Island Commerce Corporation yesterday announced the opening of a competitive student loan reimbursement program for recent graduates working in STEM (Science, Technology, Engineering, and Mathematics) and certain design fields.

"A thriving STEM workforce is vital to jump-starting our economic comeback," said Raimondo. "We are taking steps to keep our most talented people here, and attract others to start their careers in Rhode Island. The Wavemaker Fellowship is a creative solution to helping professionals with their college debt, while giving companies an important recruiting tool."

The Wavemaker Fellowship awards graduates who choose to work in STEM jobs in Rhode Island with a refundable tax credit that can cover student loan payments for up to four years.

• For the announcement, click here.
• For the website and application, click here.
• For the FAQs, click here.

The Division of Taxation earlier this year issued a regulation on the Wavemaker tax credit program. 

Proposed regulation on hotel, sales taxes

The Rhode Island Division of Taxation has posted a proposed regulation involving sales and hotel taxes and will hold a public hearing on it on May 31.

The agency proposes to update an existing regulation so that it reflects changes in the law enacted last year. Those changes extended the sales and hotel taxes to short-term residential rentals.

The proposed regulation discusses room rentals – by hotels, rooming homes, tourist camps, room resellers, and hosting platforms.