Commerce RI tax credits for Belvedere
Though Jim Roiter would invest upwards of $10 million in private capital into his Thames Street development project, he said the whole thing would not be viable without nearly $2 million in state tax …
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Commerce RI tax credits for Belvedere
Though Jim Roiter would invest upwards of $10 million in private capital into his Thames Street development project, he said the whole thing would not be viable without nearly $2 million in state tax credits.
Commerce RI has approved Mr. Roiter’s project for the following:
- $995,000 in Rebuild Rhode Island Tax Credits;
- $600,000 Tax Increment Financing (TIF) … these are rebates on the new sales and use taxes generated by commercial activity in the building;
- $166,270 in additional sales and use tax reimbursements for eligible construction and build-out costs.
Those credits come with an array of stipulations on project scope (at least $5 million); residential units (at least 20); commercial use (at least one business) and total value of the tax credits (not more than 20% of the project cost).
