WeVote
Log In

Bill

Bill

SB 940

AN ACT RELATING TO TAXATION -- HISTORIC PRESERVATION TAX CREDITS 2013

2025 Regular Session Introduced by Jake Bissaillon and 9 co-sponsors

Rhode Island modifies historic preservation tax credits to encourage restoration of historic buildings, reducing state tax revenue while incentivizing private property investment.

07/02/2025 Signed by Governor
0
WeVote Research Nonpartisan
Bill Summary · SB 940

Legislative bill overview

SB 940 modifies Rhode Island's historic preservation tax credit program to incentivize rehabilitation of historically significant buildings. The bill adjusts the tax credit structure, eligibility requirements, or funding mechanisms for projects that restore and preserve qualifying historic properties across the state.

Why is this important

Historic preservation tax credits directly influence whether property owners undertake expensive restoration projects, affecting community character, property values, and local economic development. The credits can make financially marginal preservation projects viable, but they also represent foregone tax revenue that must be offset elsewhere or absorbed by the state budget.

Potential points of contention

  • Cost to state budget: Tax credits reduce government revenue; without corresponding spending cuts or revenue increases, they increase the deficit or reduce funds for other programs
  • Equity concerns: Benefits may disproportionately flow to wealthy property owners and developers who can afford large restoration projects and navigate complex tax credit applications
  • Geographic disparities: Historic properties concentrate in certain neighborhoods and regions, potentially creating uneven economic development benefits across the state

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.