2023 -- S 0249
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LC001661
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S TATE OF RHODE IS LAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2023
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A N A C T
RELATING TO TAXATION -- HISTORIC PRESERVATION TAX CRE DITS
Introduced By: Senators Euer, and DiPalma
Date Introduced: February 16, 2023
Referred To: Senate Finance
It is enacted by the General Assembly as follows:
SECTION 1. Section 44-33.6-7 of the General Laws in Chapter 44-33.6 entitled "Historic 1
Preservation Tax Credits 2013" is hereby amended to read as follows: 2
44-33.6-7. Timing and reapplication. 3
(a) Taxpayers shall have twelve (12) months from the approval of Part 2 application to 4
commence substantial construction activities related to the subject substantial rehabilitation. Upon 5
commencing substantial construction activities, the taxpayer shall submit an affidavit of 6
commencement of substantial construction to the commission, together with evidence of the 7
requirements having been satisfied. Furthermore, after commencement of substantial construction 8
activities, no project shall remain idle prior to completion for a period of time exceeding six (6) 9
months. In the event that a taxpayer does not commence substantial construction activities within 10
twelve (12) months from the approval of Part 2 application, or in the event that a project remains 11
idle prior to completion for a period of time exceeding six (6) months, the subject taxpayer shall 12
forfeit all fees paid prior to such date and its then-current contract for tax credits shall be deemed 13
null and void, and shall terminate without need for further action or documentation. Upon any such 14
forfeiture and termination, a taxpayer may re-apply for tax credits pursuant to this chapter; 15
however, notwithstanding anything contained herein to the contrary, one hundred percent (100%) 16
of the fees required shall be paid upon reapplication and the fees shall be non-refundable. 17
Additionally, any taxpayer reapplying for tax credits pursuant to this section shall be required to 18
submit evidence with its application establishing the reason for delay in commencement or the 19
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project sitting idle, as the case may be, and provide evidence, reasonably satisfactory to the 1
commission, that the condition or event causing same has been resolved. All taxpayers shall submit 2
a reasonably detailed project timeline to the commission together with the Part 2 application. The 3
provisions of this section shall be further detailed and incorporated into the form of contract for tax 4
credits used in connection with this chapter. 5
(b) Notwithstanding any other provision of law to the contrary, projects that have been 6
approved for historic preservation tax credits and have been funded through the cultural arts and 7
the economy grant program, as enacted in P.L. 2014, ch. 145, and whose contract for tax credits 8
would expire on December 31, 2019, are not subject to the provisions of this section and shall 9
remain in full force and effect until December 31, 2022 Notwithstanding any other law to the 10
contrary, including, but not limited to ยง 44-33.6-11, projects that have been previously approved 11
for historic tax credits and have been funded through the cultural arts and the economy grant 12
program, as enacted in P.L. 2014, Ch. 145, shall be eligible for said tax credits. Any tax credits 13
applicable herein shall not exceed the amount of three million dollars ($3,000,000). Eligibility for 14
historic tax credits under this section shall remain in full force and effect until June 30, 2026. 15
SECTION 2. This act shall take effect upon passage. 16
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LC001661 - Page 3 of 3
EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO TAXATION -- HISTORIC PRESERVATION TAX CREDITS
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This act would provide that projects previously approved for historic tax credits funded 1
through the cultural arts and the economy grant program would continue to qualify for tax credits 2
until June 30, 2026. 3
This act would take effect upon passage. 4
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LC001661
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