Projo Biz Blog

The House Finance Committee is holding a hearing next Tuesday, Feb. 5, into the controversial historic tax credit program.

The program has resulted in dozens of mill conversions throughout the state that have turned long vacant buildings into luxury condominiums, as well as restaurants, commercial properties and, in some cases, affordable housing. But it has also cost Rhode Island government millions of dollars in income tax revenue during a period of large budget gaps.

The advocacy group Grow Smart Rhode Island has been rallying its members to defend the program.

According to Grow Smart, Governor Carcieri has proposed capping the redemption of historic tax credits at $40 million in the next fiscal year and then gradually shrinking the program until it is ended completely by 2017.

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