Historic Tax Credit Quantified

A new study quantifies a substantial return on historic tax credits in Rhode Island.
April 8, 2005, 1pm PDT | Chris Steins | @urbaninsight
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"The study, performed by the real estate consulting and investment firm of Lipman, Frizzell and Mitchell (LF&M) of Columbia, Maryland, is based on 111 projects enrolled in the program through September 23, 2004 representing a proposed investment of $484.91 million.

...The LF&M study concludes that the state's multi- year investment in the tax credit, estimated at $145.47 million, is generating a total of $795.25 million in economic activity. Put another way, each $1 of state tax credit investment is leveraging $5.47 in total economic output. Additionally, the program is estimated to add $242.5 million to the tax base of local communities, and to generate on a present value basis $179.4 million in additional property tax revenue and $42.14 million in sales and income tax revenue."

Thanks to Laura Kranz

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Published on Friday, April 8, 2005 in Grow Smart RI
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