§ 44-33.6-1. Declaration of purpose. The general assembly finds and declares that Rhode Island’s historic structures continue to experience high vacancy rates and physical deterioration, particularly in Rhode Island’s central business districts. Without adding economic incentive, these structures are not viable for the redevelopment and reuse by modern commercial, residential or manufacturing enterprises and will […]
§ 44-33.6-10. Historic preservation tax credit trust fund. All processing fees collected pursuant to this chapter after July 1, 2013, shall be deposited in a historic preservation tax credit restricted receipt account within the historic preservation tax credit trust fund, which shall be used, to the extent resources are available, to refund or reimburse the […]
§ 44-33.6-11. Sunset. No credits shall be authorized to be reserved pursuant to this chapter on or after June 30, 2023, or upon the exhaustion of the maximum aggregate credits, whichever comes first. History of Section.P.L. 2013, ch. 144, art. 22, § 2; P.L. 2016, ch. 142, art. 13, § 18; P.L. 2017, ch. 302, […]
§ 44-33.6-2. Definitions. [Effective until January 1, 2023.] As used in this chapter: (1) “Certified historic structure” means a property which is located in the state of Rhode Island and is: (i) Listed individually on the national register of historic places; or (ii) Listed individually in the state register of historic places; or (iii) Located […]
§ 44-33.6-3. Tax credit. [Effective until January 1, 2023.] (a) Subject to the maximum credit provisions set forth in subsections (c) and (d) below, any person, firm, partnership, trust, estate, limited liability company, corporation (whether for profit or nonprofit) or other business entity that incurs qualified rehabilitation expenditures for the substantial rehabilitation of a certified […]
§ 44-33.6-4. Administration. (a) To claim the tax credit authorized in this chapter, taxpayers shall apply: (1) To the commission prior to the certified historic structure being placed in service for a certification that the certified historic structure’s rehabilitation will be consistent with the standards of the Secretary of the United States Department of the […]
§ 44-33.6-5. Information requests. The tax division and its agents, for the purpose of ascertaining the correctness of any credit claimed under the provisions of this chapter, may examine any books, papers, records, or memoranda bearing upon the matters required to be included in the return, report, or other statement, and may require the attendance […]
§ 44-33.6-6. Election — Limitations. Taxpayers who elect and qualify to claim tax credits for the substantial rehabilitation of a certified historic structure pursuant to this chapter are ineligible for any tax credits that may also be available to the taxpayer for the substantial rehabilitation of that particular certified historic structure under the provisions of […]
§ 44-33.6-7. Timing and reapplication. (a) Taxpayers shall have twelve (12) months from the approval of Part 2 application to commence substantial construction activities related to the subject substantial rehabilitation. Upon commencing substantial construction activities, the taxpayer shall submit an affidavit of commencement of substantial construction to the commission, together with evidence of the requirements […]
§ 44-33.6-8. Historic tax credit apprenticeship requirements. (a) Notwithstanding any laws to the contrary, any credit allowed under this chapter for hard construction costs valued at ten million dollars ($10,000,000) or more shall include a requirement that any contractor and subcontractor working on the project shall have an apprenticeship program as defined herein for all […]
§ 44-33.6-9. Reporting requirements. (a) Each taxpayer requesting certification of a completed rehabilitation shall report to the commission and the division of taxation the following information: (1) The number of total jobs created; (2) The number of Rhode Island businesses retained for work; (3) The total amount of qualified rehabilitation expenditures; (4) The total cost […]
