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March 19, 2008

House panel to hear historic-buildings credit changes

PROVIDENCE -- The House Finance Committee this afternoon is scheduled to hear a bill that would place restrictions on the kinds of buildings that qualify for Rhode Island's historic structures tax credit.

The bill, whose prime sponsor is House Majority Leader Gordon Fox, D-Providence, would in part restrict the credit to buildings with 10 or more units.

The bill would apply only to projects that have not started "substantial" construction. In other words, the changes would not be applied retroactively.

Critics have asserted that wealthy organizations, such as some country clubs, have used a measure that was meant to help renovate such things as old mills -- some of which are converted into housing -- and other properties.

Social clubs, as well, would not qualify for the credit.

The legislation also would reduce, from 30 percent to 22 percent, the reimbursement on the "qualified rehabilitation expenditure" on a property. There are exceptions that would increase the percentage from that proposed limit.

Check out the committee's full agenda.
-- projo.com staff writer Michael P. McKinney, with reports from Steve Peoples of the Journal State House Bureau

Posted by Mike McKinney  at 3:05 PM | Permalink

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