2015 Rhode Island General Laws
Title 44 - Taxation
Chapter 44-33.6 - Historic Preservation Tax Credits 2013
Section 44-33.6-7 - Timing and reapplication.

§ 44-33.6-7 Timing and reapplication. – 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 such requirements having been satisfied. Furthermore, after commencement of substantial construction activities, no project shall remain idle prior to completion for a period of time exceeding six (6) months. In the event that a taxpayer does not commence substantial construction activities within twelve (12) months from the approval of Part 2 application, or in the event that a project remains idle prior to completion for a period of time exceeding six (6) months, the subject taxpayer shall forfeit all fees paid prior to such date and its then-current contract for tax credits shall be deemed null and void, and shall terminate without need for further action or documentation. Upon any such forfeiture and termination, a taxpayer may re-apply for tax credits pursuant to this chapter, however, notwithstanding anything contained herein to the contrary, one hundred percent (100%) of the fees required shall be paid upon reapplication and such fees shall be non-refundable. Additionally, any taxpayer reapplying for tax credits pursuant to this § 44-33.6-7 shall be required to submit evidence with its application establishing the reason for delay in commencement or the project sitting idle, as the case may be, and provide evidence, reasonably satisfactory to the commission, that such condition or event causing same has been resolved. All taxpayers shall submit a reasonably detailed project timeline to the commission together with the Part 2 application. The provisions of this section shall be further detailed and incorporated into the form of contract for tax credits used in connection with this chapter.

History of Section.
(P.L. 2013, ch. 144, art. 22, § 2.)