Section 42-64.9-1. – Short title.

§ 42-64.9-1. Short title. This chapter shall be known and may be cited as the “Mill Building and Economic Revitalization Act.” History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-10. – Exemption or stabilization of taxes.

§ 42-64.9-10. Exemption or stabilization of taxes. Notwithstanding the provisions of any municipal charter or any other general, special or local law to the contrary, real property taxes for a certified building and tangible property taxes of the owner or owners of a certified building for tangible property used in the certified building may be […]

Section 42-64.9-11. – Expedited permit process.

§ 42-64.9-11. Expedited permit process. Any building designated by the enterprise zone council as a certified building shall be immediately forwarded by the building owner to the governor and the board of directors of the Rhode Island economic development corporation for consideration as a project of critical economic concern as that term is defined in […]

Section 42-64.9-12. – Expiration.

§ 42-64.9-12. Expiration. This chapter shall terminate and be of no further effect on August 8, 2009, unless the chapter is extended by action of the general assembly. History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-13. – Examination of taxpayer’s records.

§ 42-64.9-13. Examination of taxpayer’s records. The tax administrator and his or her agents, for the purpose of ascertaining the correctness of any credit claimed under the provisions of this chapter, may examine any books, paper, records, or memoranda bearing upon the matters required to be included in the return, report, or other statement, and […]

Section 42-64.9-14. – Penalties.

§ 42-64.9-14. Penalties. Any taxpayer or employee, officer or agent of any taxpayer that willfully fails to comply with the provisions of this chapter or otherwise submits false or misleading information shall be guilty of a felony and upon conviction shall be fined an amount not more than three (3) times the amount of the […]

Section 42-64.9-15. – Revocation of certification.

§ 42-64.9-15. Revocation of certification. The council has the power to revoke the certification of any building certified under § 42-64.9-5 of this chapter and to revoke the eligibility of any business defined as an eligible business under § 42-64.9-4. History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-16. – Additional rules and regulations.

§ 42-64.9-16. Additional rules and regulations. (a) The state tax administration shall promulgate appropriate rules and regulations to ensure the proper administration of the taxation provisions of this chapter. The council shall promulgate appropriate rules and regulations with respect to the building certification process, and the certification of eligible businesses, and shall advise the tax […]

Section 42-64.9-17. – Severability.

§ 42-64.9-17. Severability. If the provisions of this chapter or the application of this chapter to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to this end the provisions of this chapter […]

Section 42-64.9-18. – Applicability.

§ 42-64.9-18. Applicability. The provisions of this chapter apply to all buildings that have been designated by the enterprise zone council as certifiable buildings pursuant to chapter 64.5 of this title for all years commencing with the year of the designation. History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-2. – Legislative findings and purpose.

§ 42-64.9-2. Legislative findings and purpose. It is found and declared that: (1) Throughout the state of Rhode Island there are located numerous historic and industrial mill structures which over the past two (2) decades have experienced high vacancy rates and physical deterioration. (2) Without added economic incentive, these structures are not viable for redevelopment […]

Section 42-64.9-3. – Purpose.

§ 42-64.9-3. Purpose. It is the purpose of this chapter to create economic incentives for the purpose of stimulating the redevelopment and reuse of Rhode Island’s historic industrial mill structures. History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-4. – Definitions and construction.

§ 42-64.9-4. Definitions and construction. As used in this chapter, unless the context otherwise requires, the term: (1) “Certifiable building” means a mill complex or a building: (i) That was constructed prior to January 1, 1950; (ii) Having at least two (2) floors, excluding a basement; (iii) Which is or will be used primarily for […]

Section 42-64.9-5. – Building certification process.

§ 42-64.9-5. Building certification process. (a) No later than December 1, 2000, a municipality shall submit to the enterprise zone council a list of industrial mill structures located within the municipality for consideration by the council as to whether any of these structures qualify as certifiable buildings. The council will notify the municipality as to […]

Section 42-64.9-6. – Notice of final designation of certified building.

§ 42-64.9-6. Notice of final designation of certified building. (a) Upon notice to the council that the municipality has satisfied the requirements of § 42-64.9-5(b)(2)(i) through (vi), the council shall provide to the municipality and to the certified building owner a written notice of final designation, which notice shall include a statement that an independent […]

Section 42-64.9-6.1. – Certified building rehabilitation.

§ 42-64.9-6.1. Certified building rehabilitation. (a) A certified building shall be treated as having been substantially rehabilitated only if the reconstruction and rehabilitation expenditures incurred during the twenty-four (24) month period selected by the certified building owner and ending with or within the taxable year in which the rehabilitated certified building is first placed in […]

Section 42-64.9-6.2. – Impact analysis and periodic reporting.

§ 42-64.9-6.2. Impact analysis and periodic reporting. (a) The council shall not designate any building as a certified building under § 42-64.9-5 or § 42-64.9-6 of this chapter until it has first prepared and publicly released an analysis of the impact the proposed investment will or may have on the state. The analysis shall be […]

Section 42-64.9-7. – Specialized investment tax credit.

§ 42-64.9-7. Specialized investment tax credit. A certified building owner may be allowed a specialized investment tax credit as set out in § 44-31-2 against the tax imposed by chapters 11 and 30 of title 44. History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.

Section 42-64.9-8. – Business tax credits.

§ 42-64.9-8. Business tax credits. A taxpayer who owns and operates an eligible business within a certified building that has been substantially rehabilitated is allowed a credit against the tax imposed pursuant to chapter 11 or 30 of title 44 as follows: (1) A credit equal to one hundred percent (100%) of the total amount […]

Section 42-64.9-9. – Interest income.

§ 42-64.9-9. Interest income. (a) A taxpayer is allowed a ten percent (10%) credit against taxes due under the provisions of chapter 11, 13, 14, 17, or 30 of title 44 for interest earned and paid on loans made to eligible businesses as defined in § 42-64.9-4 of this chapter, solely and exclusively for expenditures […]