§ 44-33.1-1. Declaration of purpose. The general assembly finds and declares that preservation of Rhode Island’s historic residences enhances an understanding of the state’s heritage, improves property values, fosters civic beauty, and promotes public education, pleasure, and welfare. The purpose of this chapter is to encourage maintenance and rehabilitation of residential properties that have historic […]
§ 44-33.1-2. Definitions. As used in this chapter: (1) “Certified maintenance or rehabilitation” means any maintenance or rehabilitation of a historic residence consistent with the historic character of that historic residence as determined in accordance with guidelines promulgated by the commission. (2) “Commission” means the state historical preservation commission created pursuant to § 42-45-2. (3) […]
§ 44-33.1-3. Income tax credit — Certification — Guidelines. (a) Any taxpayer who files a state income tax return and owns a historic residence may claim an income tax credit of up to twenty percent (20%) of certified maintenance or rehabilitation costs. (b) An owner shall make a preliminary application for certification of maintenance or […]
§ 44-33.1-4. Allocation of income tax credit. (a) The income tax credit provided for in this chapter shall be taken in the year the certified maintenance or rehabilitation work is completed; provided, that first users shall take the tax credit during the calendar year in which the property is purchased. Unused portions of the income […]
§ 44-33.1-5. Form of application and certification. The commission shall promulgate all application and certification forms and guidelines for certified maintenance and rehabilitation. The commissioner is authorized to establish a schedule of fees for the review of income tax credit applications. The department of revenue, division of taxation, shall approve the certification form used in […]
