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Budget restores historic tax credit

July 2, 2013

The Byron Read building in Anthony could become a target for revitalization in the future since the restoration of the historic tax credit in Rhode Island. File Photo.

COVENTRY— With the reinstatement of the historic tax credits program, numerous buildings in West Warwick and Coventry, which have been the focus of local historical societies, may benefit down the road.

Vice President of the Western Rhode Island Civic Historical Society (WRICHS) Norma Smith explained that having these credits brought back after many years is “great.”

“It gives us a possibility now of finding a developer for Lippitt Mill and the Byron Read house,” she added.

Thanks to the passage of the Fiscal 2014 budget, the General Assembly restored the tax credit program in hopes of creating new jobs in the state and rehabilitating some historic buildings that have seen deterioration take hold during the years.

The Historic Preservation Tax Credit Fund has $34.5 million set aside with a $5 million per-project cap. This cap will allow for small projects to be completed alongside large projects.

For the full story grab a copy of the July 2 edition of the Times!

 

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