Mill Building Revitalization Act
The Mill Building Revitalization Act allows tax advantages to the owners of certified mill buildings, lenders making loans to businesses located in the building, and businesses which are located in the building.
Tax Credit Available to Certified Mill Building Owner(s)
- A specialized investment tax credit equal to 10% of the cost of the substantial rehab.
- The rehab must occur within two (2) years following certification.
- This credit will be granted in the year the substantial rehab is first placed in service.
- Amounts of unused credit may be carried forward for a period not to exceed the following seven (7) taxable years.
Tax Credits Available to Lenders
- A credit equal to 10% of the interest earned on loans to eligible businesses, maximum of $10,000 per taxable year.
- A credit equal to 100% of the interest on loans made solely and exclusively for the purpose of substantial rehab of a CertifiedBuilding, m aximum of $20,000 per taxable year.
Tax Credits Available to Eligible Businesses
- Eligible businesses must meet the requirements of Enterprise Zone (EZ) year end certification.
- A credit equal to 100% of the wages paid to new employees with a maximum credit of $3,000 per new employee.
- If the certified mill building is also located in an Enterprise Zone, a credit equal to 50% of the RI wages paid to new employees with a maximum of $10,000 per new employee.
Participating Communities with Contacts and Eligible Mill locations
Bristol
Gerhard Oswald, Director of Community Development
10 Court Street, Bristol, RI02809
Phone: (401) 253-1570 Fax: (401) 253-7101
- Kaiser Mill Complex, 530 Wood Street
- Buttonwood Realty Building, Buttonwood Street
Burrillville
Michael C. Wood, Town Manager, or
Katia Ballassiano, Town Planner
105 Harrisville Main Street, Harrisville, RI 02830
- Stillwater Mill, 246 Harrisville Main Street
North Providence
Leo Perrotta, Town Planner
Town of North Providence
Smith Street, North Providence, RI02911
- R.N.KochBuilding, 1117 Douglas Avenue
- Ronci Building, 2 Atlantic Boulevard
North Smithfield
Kenneth Bianchi, Town Administrator
Town of North Smithfield
One Main Street, Slatersville, RI02876
- Slatersville River Properties Complex, 10 Railroad Street
Pawtucket
Michael Cassidy, Director of Planning
City of Pawtucket
175 Main Street, Pawtucket , RI
- Carol Cable, 301-341 Roosevelt Avenue
- R.I Cardboard Company, 161 Exchange Street
- Conrad Manufacturing, 225 Conant Street
Providence
Ms. Tomar Waldman
Enterprise Zone Represenntative
400 Westminster Street, Providence, RI 02903
- T. Wall Company, 162 Clifford Street
- Brown & Sharp - Foundry Building 4, 235 Promenade Street
- Loutitt Dry Cleaners, 93 Cranston Street
- Phoenix Iron Foundry Machine Shop, 115 Elm Street
- Rau Fasterer Co. & Cook Dunbar Smith Co.; 102 Westfield Street
- Silver Spring Bleaching & Dying Co., 387 Charles Street
Warren
Michael J. Hartman, Town Manager
Town Hall, Warren RI, 02885-4357
Phone: (401) 245-7554; Fax: (401) 245-7421
- or -
Alan Crisman, Executive Director
Mount Hope Enterprise Zone
514 Main Street, Warren, RI 02885
Phone: (401) 245-7554; Fax: (401) 245-7421
- American Tourister Building, 91 Main Street
- WarrenChai rWorks Building, 79 Joyce Street
West Warwick
Richard Harris, TownPlanner
Town of West Warwick
1170 Main Street, West Warwick, RI 02893
- Phenix Mill, 770 & 771 Main Street
- RoyalMill & Ace Dye Building, 125 & 186 Providence Street
- Crompton Mill, 55 Main Street
Woonsocket
Lori Adano, Economic Development Planner
City of Woonsocket
169 Main Street, Woonsocket, RI 02895
- Former Rosecraft Building, 685 Social Street
- Narraansett Knitting Mills, 148 Bernon Street
- Kornstein/Harris Mill, 55 Main Street
Victor Barros