Chapter 492

2007 -- S 0914

Enacted 07/05/07

A N A C T

RELATING TO TAXATION - HISTORIC RESIDENCE - TAX CREDIT

Introduced By: Senator Walter S. Felag

Date Introduced: April 10, 2007

It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-4.1-2 of the General Laws in Chapter 44-4.1 entitled "Historic

Residence - Tax Credit" is hereby amended to read as follows:

44-4.1-2. Definitions. -- As used in this chapter:

      (1) "Certified maintenance or rehabilitation" means any maintenance or rehabilitation of

a historic residence consistent with the character of that property or district as determined in

accordance with commission guidelines.

      (2) "Commission" means the Rhode Island historical preservation and heritage

commission created pursuant to section 42-45-2, or for purposes of the historic commercial

structure property tax reduction in Warren, the local historic district commission in Warren.

      (3) "Historic residence" means a historic residential property which is not of a character

subject to federal depreciation allowance pursuant to 26 U.S.C. section 167 or 168 and which is:

      (i) Listed individually in the state register of historic places; or

      (ii) Located in a district listed in the state register of historic places and certified by the

commission as contributing to the historic character of that district; or

      (iii) Located in a local historic district zone as designated by a city or town under chapter

24.1 of title 45 and certified by the commission as contributing to the character of that historic

district zone; or

      (iv) Designated by a city or town as an individual structure subject to regulation by a

local historic district commission under chapter 24.1 of title 45.

      (4) "Historic Commercial Structure" means: a historic structure in Warren utilized for

commercial purposes, whole or in part, which is not of a character subject to federal depreciation

allowance pursuant to 26 U.S.C. section 167 or 168 and which is:

      (i) Listed individually in the state register of historic places; or

      (ii) Located in a district listed in the state register of historic places and certified by the

commission as contributing to the historic character of that district; or

      (iii) Located in a local historic district zone as designated by the town under chapter 24.1

of title 45 and certified by the commission as contributing to the character of that historic district

zone; or

      (iv) Designated by the town as an individual structure subject to regulation by a local

historic district commission under chapter 24.1 of title 45.

     SECTION 2. This act shall take effect upon passage.

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LC02758

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