TITLE 44

Taxation

CHAPTER 44-33.2

Historic Structures – Tax Credit

SECTION 44-33.2-4



   § 44-33.2-4  Administration. –

(a) To claim the tax credit authorized in this chapter, taxpayers shall apply:

(i) 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 Interior for rehabilitation; and (ii) after

completion of the rehabilitation work to the certified historic structure: (A)

to the commission for a certification that the rehabilitation is consistent

with the standards of the Secretary of the United States Department of the

Interior for rehabilitation, and (B) to the division of taxation for a

certification as to the amount of tax credit for which the rehabilitation

qualifies. The commission and the division of taxation shall be entitled to

rely on the facts represented in the application without independent

investigation and, with respect to the amount of tax credit for which the

rehabilitation qualifies, upon the certification of a certified public

accountant licensed in the state of Rhode Island. The applications shall be

developed by the commission and the division of taxation and may be amended

from time to time.



   (b) Within ninety (90) days after the commission's and the

division of taxation's receipt of the taxpayer's application requesting

certification for the completed rehabilitation work, (i) the commission shall

issue the taxpayer a written determination either denying or certifying the

rehabilitation, and (ii) the division of taxation shall issue a certification

of the amount of credit for which the rehabilitation qualifies. To claim the

tax credit, the commission's and the division of taxation's certification as to

the amount of the tax credit shall be attached to all state tax returns on

which the credit is claimed.



   (c) No taxpayer may benefit from the provisions of this

chapter unless the owner of the certified historic structure grants a

restrictive covenant to the commission, agreeing that during the holding period

no alterations to the certified historic structure will be made without the

commission's approval and in a manner inconsistent with the standards of the

Secretary of the United States Department of the Interior.



   (d) The division of taxation shall charge a fee equal to two

and one quarter percent (2.25%) of the qualified rehabilitation expenditures of

structures placed in service after July 31, 2005 and prior to January 1, 2008.

The fee shall have been paid by May 15, 2008 for certified historical

structures or some identifiable portion of a structure to qualify for the

thirty percent (30%) tax credits under subsection 44-33.2-3(a). For certified

historical structures or some identifiable portion of a structure placed in

service after December 31, 2007, the division of taxation shall charge a fee

equal to three percent (3%), four percent (4%), or five percent (5%) of the

qualified rehabilitation expenditures as contracted between the division of

taxation and the person, firm, partnership, trust, estate, limited liability

company, corporation (whether for profit or non-profit) or other business

entity that incurs qualified rehabilitation expenditures for the substantial

rehabilitation of certified historic structures or some identifiable portion of

a structure to be placed in service after December 31, 2007; provided further

that two and one quarter percent (2.25%) of the qualified rehabilitation

expenditures shall be paid by May 15, 2008 with the remaining percent to be

paid by March 5, 2009. Payments made after March 5, 2009 shall accrue interest

as set forth in § 44-1-7.



   (e) If information comes to the attention of the commission

or the division of taxation at any time up to and including the last day of the

holding period that is materially inconsistent with representations made in an

application, the commission or the division of taxation may deny the requested

certification, revoke a certification previously given or terminate the

contract, with any processing fees paid to be forfeited.



   (f) The general assembly hereby finds that the state's fiscal

budgetary crisis is of such a nature to cause immediate peril to the public

health, safety or welfare that any regulations promulgated by the division of

taxation or the Rhode Island historical preservation and heritage commission in

furtherance of this chapter must be promulgated as emergency regulations

pursuant to subsection 42-35-3(b).



History of Section.

(P.L. 2001, ch. 134, § 1; P.L. 2002, ch. 125, § 2; P.L. 2005, ch.

117, art. 27, § 1; P.L. 2008, ch. 6, § 1; P.L. 2008, ch. 7, §

1.)