Richmond mega developer in hot tax credit water.
By Lane Midgett
(1776 Real Estate Group Richmond, VA Local Expert )
French tax credit records raise red flags August 12, 2010 by Al Harris Last week, IRS and FBI agents raided the Shockoe Slip office of developer Justin French, removing computers and boxes of paperwork. Both agencies were tight-lipped about the reason for the raid, but Richmond BizSense has learned that over three years, French received an unusually large amount of tax credits for renovating historic buildings compared with what local developers typically reap on similar projects. From 2007 through 2009, French projects received $18.8 million in state tax credits, according to a review of documents from the state Department of Historic Resources obtained by BizSense. Developers are allowed to sell the state tax credits, and they often do so to large companies looking to reduce their st...
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