2013 -- S 0747

=======

LC01695

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

____________

A N A C T

RELATING TO TAXATION - HISTORIC STRUCTURES TAX CREDIT

     Introduced By: Senators Goodwin, Nesselbush, DaPonte, Ruggerio, and Paiva Weed

     Date Introduced: March 13, 2013

     Referred To: Senate Finance

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Chapter 44-33.2 of the General Laws entitled "Historic Structures - Tax

1-2

Credit" is hereby amended by adding thereto the following section:

1-3

     44-33.2-7. Reporting requirements. -- (a) Each taxpayer requesting certification of a

1-4

completed rehabilitation shall report to the commission and the division of taxation the following

1-5

information:

1-6

     (1) The number of construction jobs created;

1-7

     (2) The number of those jobs created that went to minorities;

1-8

     (3) The number of those jobs created that went to Rhode Island residents;

1-9

     (4) The total cost of construction labor;

1-10

     (5) The number of out-of-state contractors used on the project;

1-11

     (6) The amounts paid to out-of-state contractors used on the project;

1-12

     (7) The number of permanent jobs to be located in the rehabbed building;

1-13

     (8) The total amount of qualified rehabilitation expenditures;

1-14

     (9) The Rhode Island sales tax paid on expenditures;

1-15

     (10) The property tax assessment prior to, and subsequent to, the rehabilitation; and

1-16

     (11) Such other information deemed necessary by the tax administrator.

1-17

     (b) Any agreements or contracts entered into under this chapter by the division, the

1-18

commission, or the economic development corporation and the taxpayer shall be sent to the

1-19

division of taxation and be available to the public for inspection by any person and shall be

1-20

published by the tax administrator on the tax division website.

2-1

     (c) By August 15th of each year the credit recipient shall report the source and amount of

2-2

any bonds, grants, loans, loan guarantees, matching funds or tax credits received from any state

2-3

governmental entity, state agency or public agency as defined in section 37-2-7 received during

2-4

the previous state fiscal year. This annual report shall be sent to the division of taxation and be

2-5

available to the public for inspection by any person and shall be published by the tax

2-6

administrator on the tax division website.

2-7

     (d) By August 15th of each year the division of taxation shall report the name, address,

2-8

and amount of tax credit received for each credit recipient during the previous state fiscal year to

2-9

the governor, the chairpersons of the house and senate finance committees, the house and senate

2-10

fiscal advisors, and the department of labor and training. This report shall be available to the

2-11

public for inspection by any person and shall be published by the tax administrator on the tax

2-12

division website.

2-13

     (e) By September 1st of each year, the credit recipient shall file an annual report with the

2-14

tax administrator. Said report shall contain each full-time equivalent active employee's name,

2-15

social security number, date of hire, and hourly wage as of the immediately preceding July 1 and

2-16

such other information deemed necessary by the tax administrator. The report shall be filed on a

2-17

form and in a manner prescribed by the tax administrator.

2-18

     (f) By September 1st of each year the division of taxation shall report in the aggregate the

2-19

information required under subsection 44-33.2-7(a). This report shall be available to the public

2-20

for inspection by any person and shall be published by the tax administrator on the tax division

2-21

website.

2-22

     SECTION 2. This act shall take effect upon passage.

=======

LC01695

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION - HISTORIC STRUCTURES TAX CREDIT

***

3-1

     This act would establish reporting requirements for each taxpayer seeking a tax credit for

3-2

rehabilitating a certified historic structure. This act would also make available to the public tax

3-3

credit agreements and annual reports regarding tax credits.

3-4

     This act would take effect upon passage.

=======

LC01695

=======