It is enacted by the General Assembly as follows:

SECTION 1. Section 44-4.1-3 of the General Laws in Chapter 44-4.1 entitled "Historic Residence - Tax Credit" is hereby amended to read as follows:

44-4.1-3. Property tax reduction -- Each city or town may, by ordinance, provide up to twenty percent (20%) reduction in property tax liability for a period of up to five (5) years to an owner of a historic residence who incurs substantial maintenance or rehabilitation costs., provided, however, that the town council of the town of Warren may by ordinance increase the time period for the reduction in property tax liability up to nine (9) years to an owner of an historic residence who incurs substantial maintenance or rehabilitation costs. The town or city may elect to provide the reduction to any contributing property listed on the state register of historic places or to any property covered by chapter 24.1 of title 45 or to both. Each city or town shall establish a minimum dollar amount above which an owner must spend in order to qualify for the property tax reduction.

SECTION 2. This act shall take effect upon passage.