The most distinctive building in the Providence skyline, the 1928 art deco building we call the “Superman Building”, will go dark when Bank of America vacates the building at the end of the month. The building’s owners would love to be able to convert the building into a mix of apartments and offices, but are seeking the help of state historic tax credits to do so. The Rhode Island Senate Finance Committee is set to examine reinstating the historic tax credits this week, along with other bills designed to help spur the economy. In 2001 legislators passed legislation providing a 30% credit for the redevelopment of historic properties around the state. According to a report sponsored by Grow Smart Rhode Island, the original credit created both jobs and housing, while also increasing property tax revenues in many cities and towns throughout the state. In fact, more rental apartment units were created from 2002-2006, the years the credits were in place, than in the previous 25 years combined. About 20% of those new units were affordable. In total, Rhode Island’s $460.16 million investment created $1.53 billion worth of development. This week’s Real Estate Insight Let the Rhode Island General Assembly know you support historic tax credits. Sign this petition, and contact your state legislators and urge them to help pass a new Historic Tax Credit bill that will create jobs, put abandoned buildings back on the tax rolls, and increase badly needed tax revenue for our cities and towns.Help Support Historic Tax Credits in Rhode Island
- By Michael McCann
- Posted
The most distinctive building in the Providence skyline, the 1928 art deco building we call the “Superman Building”, will go dark when Bank of America vacates the building at the end of the month. The building’s owners would love to be able to convert the building into a mix of apartments and offices, but are seeking the help of state historic tax credits to do so. The Rhode Island Senate Finance Committee is set to examine reinstating the historic tax credits this week, along with other bills designed to help spur the economy. In 2001 legislators passed legislation providing a 30% credit for the redevelopment of historic properties around the state. According to a report sponsored by Grow Smart Rhode Island, the original credit created both jobs and housing, while also increasing property tax revenues in many cities and towns throughout the state. In fact, more rental apartment units were created from 2002-2006, the years the credits were in place, than in the previous 25 years combined. About 20% of those new units were affordable. In total, Rhode Island’s $460.16 million investment created $1.53 billion worth of development. This week’s Real Estate Insight Let the Rhode Island General Assembly know you support historic tax credits. Sign this petition, and contact your state legislators and urge them to help pass a new Historic Tax Credit bill that will create jobs, put abandoned buildings back on the tax rolls, and increase badly needed tax revenue for our cities and towns.
