ARTICLE
22 AS AMENDED
RELATING TO
HISTORIC TAX CREDITS
SECTION 1. Historic Preservation Tax Credit Fund
WHEREAS, the General
Assembly finds that the State of
pursuant to Rhode Island General Laws sections 44-33.2-1 et
seq. (the "Historic Tax Credits")
have had and continue to have the desired effect of
stimulating, promoting and encouraging the
redevelopment and reuse of historic structures by modern
commercial, residential and
manufacturing enterprises in order to foster civic beauty, promote
public education, pleasure and
welfare and otherwise generally improve and enhance the
long-term economic well-being of the
citizens and municipalities of the State of
WHEREAS, the 2008 General
Assembly authorized Rhode Island Economic
Development Corporation (the "RIEDC") to
issue not more than three hundred fifty-six million
two hundred thousand dollars ($356.2 million) of Revenue
Bonds – Historic Structures Tax
Credit Financing Taxable Series to assist in the
future cost of the Historic Structures Tax Credit
Program; and
WHEREAS, this three
hundred fifty-six million two hundred thousand dollars ($356.2
million) authorization included two hundred ninety-nine
million nine hundred thousand dollars
($299.9 million) to be deposited into the project
fund, and the balance was authorized for a debt
service reserve fund and cost of issuance; and
WHEREAS, allowing tax
credits formerly issued to projects declared abandoned by the
Division of Taxation on May 15, 2013 to be reissued
would stimulate and encourage the
redevelopment and reuse of historic structures by modern
commercial, residential and
manufacturing enterprises in order to foster civic beauty, promote
public education, pleasure and
welfare and otherwise generally improve and further enhance
the long-term economic well-being
of the citizens and municipalities of the State of
RESOLVED,
that the RIEDC is authorized to continue with the financing as detailed in
the 2008 Joint Resolution and the General Assembly hereby
reaffirms the RIEDC’s issuance of
not more than $356.2 million in Bonds; and be it further
RESOLVED,
that the original amount of bonds authorized to be issued for deposit in the
project fund of $299.9 million shall be the maximum amount
that can be issued to pay processing
fee reimbursements on abandoned projects and to reimburse
the State of
credits issued on original projects or those approved after
July 1, 2013, recognizing that savings
from currently abandoned projects have primarily offset
the lower interest earnings on bond
proceeds and the processing fees originally anticipated in
2008; and be it further
RESOLVED,
that the RIEDC is authorized to use the Bond proceeds to pay processing
fee reimbursements and to reimburse the State of
in accordance with Rhode Island General Laws chapter 44-33.2
or 44-33.6 as well as any project
approved on or after July 1, 2013; and be it further
RESOLVED,
that the RIEDC shall continue to request the Governor to include in each of
the fiscal years following the issuance of the Bonds by
the RIEDC an amount equal to the debt
service of the Bonds pursuant to the terms set forth in this
Resolution; and be it further
RESOLVED,
that neither the Bonds nor the Payment Agreement shall constitute
indebtedness of the State or any of its subdivisions or a debt for
which the full faith and credit of
the State or any of its subdivisions is pledged, except
to the extent that the State appropriates
funds for the Bonds or the Payment Agreement subject to
annual budget appropriations.
SECTION 2. Title 44 of the General Laws entitled
"TAXATION" is hereby amended by
adding thereto the following chapter:
CHAPTER
33.6
HISTORIC
PRESERVATION TAX CREDITS 2013
44-33.6-1.
Declaration of purpose. -- The general assembly
finds and declares that
deterioration, particularly in
incentive, these structures are not viable for the
redevelopment and reuse by modern commercial,
residential or manufacturing enterprises and will continue their
physical deterioration. The
redevelopment and reuse of these historic structures are of
critical importance to the economic
measures and will assist in stimulating the reuse and
redevelopment of historic structures and will
improve property values, foster civic beauty, create
employment opportunities, enhance
commerce, and promote public education, pleasure, and welfare.
Furthermore, during this
unprecedented economic climate, many in the building and
construction trades, and related
service industries, have been severely impacted. The
redevelopment and reuse of these historic
structures will serve as a vital catalyst in the recovery of
these trades and services, in addition to
stimulating various other related economic benefits and business
activities. The purpose of this
chapter is to create economic incentives for the purpose of
stimulating the redevelopment and
reuse of
employment activities that will result from such redevelopment
and reuse.
44-33.6-2.
Definitions. -- As used in this chapter:
(1) "Certified
historic structure" means a property which is located in the state of
Rhode
Island and is:
(i)
Listed individually on the national register of historic places; or
(ii) Listed
individually in the state register of historic places; or
(iii) Located in a
registered historic district and certified by either the commission or
Secretary of the Interior as
being of historic significance to the district.
(2) "Certified
rehabilitation" means any rehabilitation of a certified historic structure
consistent with the historic character of such property or the
district in which the property is
located as determined by the commission guidelines.
(3) "Substantial
Construction" means that: (i) the owner of a
certified historic structure
has entered into a contract with the division of taxation
and paid the processing fee; (ii) the
commission has certified that the certified historic structure’s
rehabilitation will be consistent
with the standards set forth in this chapter; and (iii)
the owner has expended ten percent (10%) of
its qualified rehabilitation expenditures, estimated in
the contract entered into with the division of
taxation for the project or its first phase of a phased
project.
(4)
"Commission" means the
commission created pursuant to section 42-45-2.
(5) "Exempt from
real property tax" means, with respect to any certified historic
structure, that the structure is exempt from taxation pursuant
to section 44-3-3.
(6) "Hard construction costs" means the direct contractor costs for labor, material,
equipment, and services associated with an approved project, contractors overhead and profit, and
other direct construction costs.
(7) "Holding
period" means twenty-four (24) months after the commission issues a
certificate of completed work to the owner. In the case of a
rehabilitation which may reasonably
be expected to be completed in phases as described in
subdivision (15) of this section, "holding
period" shall be extended to include a period of time
beginning on the date of issuance of a
certificate of completed work for the first phase or phases for
which a certificate of completed
work is issued and continuing until the expiration of
twenty-four (24) months after the certificate
of completed work issued for the last phase.
(8) "Part 2
application" means the Historic Preservation Certification Application
Part 2-
Description of Rehabilitation.
(9) "Placed in
service" means that substantial rehabilitation work has been completed
which would allow for occupancy of the entire structure or
some identifiable portion of the
structure, as established in the Part 2 application.
(10) "Principal
residence" means the principal residence of the owner within the meaning
of section 121 of the Internal Revenue Code [26 U.S.C.
121] or any successor provision.
(11) "Qualified
rehabilitation expenditures" means any amounts expended in the
rehabilitation of a certified historic structure properly
capitalized to the building and either:
(i) Depreciable under the Internal Revenue Code, 26
U.S.C. section 1 et seq., or
(ii)
Made with respect to property (other than the principal residence of the owner)
held
for sale by the owner. Fees paid pursuant to this chapter
are not qualified rehabilitation
expenditures. Notwithstanding the foregoing, except in the case of
a nonprofit corporation, there
will be deducted from qualified rehabilitation
expenditures for the purposes of calculating the tax
credit any funds made available to the person (including any
entity specified in section 44-33.5-
3(a)) incurring the qualified rehabilitation
expenditures in the form of a direct grant from a
federal, state or local governmental entity or agency or
instrumentality of government.
(12) "Registered
historic district" means any district listed in the national register of
historic places or the state register of historic places.
(13) "Remain
idle" means that substantial work has ceased at the subject project; work
crews have been reduced by more than twenty-five percent
(25%) for reasons unrelated to
scheduled completion of work in accordance with the project
schedule, reasonably unanticipated
physical conditions, or force majeure; or the project schedule
that was originally submitted by the
taxpayer to the commission has been extended by more than
twelve (12) months for reasons other
than reasonably unanticipated physical conditions or an
event of force majeure (by way of
example, and not in limitation, any delays, work stoppage, or
work force reduction caused by
issues with project funding, finances, disputes, or
violation of laws shall be deemed to cause a
project to remain idle).
(14) "Scattered
Site Development" means a development project for which the developer
seeks unified financing to rehabilitate dwelling units in
two (2) or more buildings located in an
area that is defined by a neighborhood revitalization plan
and is not more than one mile in
diameter.
(15) "Social
club" means a corporation or other entity and/or its affiliate that offers
its
facilities primarily to members for social or recreational
purposes and the majority source of its
revenue is from funds and/or dues paid by its members and/or
an entity defined as a social club
pursuant to the Internal Revenue Code section 501(c)(7).
(16)
"Substantial rehabilitation" means, with respect to a certified
historic structure, that
the qualified rehabilitation expenses of the building
during the twenty-four (24) month period
selected by the taxpayer ending with or within the taxable
year exceed the adjusted basis in such
building and its structural components as of the beginning of
such period. In the case of any
rehabilitation, which may reasonably be expected to be completed in
phases set forth in
architectural plans and specifications completed before the
rehabilitation begins, the above
definition shall be applied by substituting "sixty (60)
month period" for "twenty-four (24) month
period".
(17) "Trade or
business" means an activity that is carried on for the production of
income
from the sale or manufacture of goods or performance of
services, excluding residential rental
activity.
44-33.6-3. Tax
credit. -- (a) Subject to the maximum credit
provisions set forth in
subsections (c) and (d) below, any person, firm, partnership,
trust, estate, limited liability
company, corporation (whether for profit or nonprofit) or
other business entity that incurs
qualified rehabilitation expenditures for the substantial
rehabilitation of a certified historic
structure, provided the rehabilitation meets standards
consistent with the standards of the
Secretary of the United States Department of the
Interior for rehabilitation as certified by the
commission and said person, firm, partnership, trust, estate,
limited liability company,
corporation or other business entity is not a social club as
defined in subdivision 44-33.6-2 (13) of
this chapter, shall be entitled to a credit against the
taxes imposed on such person or entity
pursuant to chapter 11, 12, 13, 14, 17 or 30 of this title in
an amount equal to the following:
(1) Twenty percent
(20%) of the qualified rehabilitation expenditures; or
(2) Twenty-five
percent (25%) of the qualified rehabilitation expenditures provided that
either:
(i)
At least twenty-five percent (25%) of the total rentable area of the certified
historic
structure will be made available for a trade or business; or
(ii) The entire rentable
area located on the first floor of the certified historic structure will
be made available for a trade or business.
(b) Tax credits
allowed pursuant to this chapter shall be allowed for the taxable year in
which such certified historic structure or an identifiable
portion of the structure is placed in
service provided that the substantial rehabilitation test is
met for such year.
(c) Maximum project
credit. - The credit allowed pursuant to this chapter shall not exceed
five million dollars ($5,000,000) for any certified
rehabilitation project under this chapter. No
building to be completed in phases or in multiple projects
shall exceed the maximum project
credit of five million dollars ($5,000,000) for all phases
or projects involved in the rehabilitation
of such building.
(d) Maximum aggregate
credits. - The aggregate credits authorized to be reserved
pursuant to this chapter shall not exceed sums estimated to be
available in the historic
preservation tax credit trust fund pursuant to this chapter.
(e) Subject to the
exception provided in subsection (g) of this section, if the amount of the
tax credit exceeds the taxpayer's total tax liability for
the year in which the substantially
rehabilitated property is placed in service, the amount that
exceeds the taxpayer's tax liability may
be carried forward for credit against the taxes imposed
for the succeeding ten (10) years, or until
the full credit is used, whichever occurs first for the
tax credits. Credits allowed to a partnership, a
limited liability company taxed as a partnership or multiple
owners of property shall be passed
through to the persons designated as partners, members or
owners respectively pro rata or
pursuant to an executed agreement among such persons
designated as partners, members or
owners documenting an alternate distribution method without
regard to their sharing of other tax
or economic attributes of such entity. Credits may be
allocated to partners, members or owners
that are exempt from taxation under section 501(c)(3),
section (c)(4) or section 501(c)(6) of the
U.S. Code and these partners, members or owners must
be treated as taxpayers for purposes of
this section.
(f) If the taxpayer
has not claimed the tax credits in whole or part, taxpayers eligible for
the tax credits may assign, transfer or convey the
credits, in whole or in part, by sale or otherwise
to any individual or entity, including, but not limited
to, condominium owners in the event the
certified historic structure is converted into condominiums and
assignees of the credits that have
not claimed the tax credits in whole or part may assign,
transfer or convey the credits, in whole or
in part, by sale or otherwise to any individual or
entity. The assignee of the tax credits may use
acquired credits to offset up to one hundred percent (100%) of
the tax liabilities otherwise
imposed pursuant to chapter 11, 12, 13, (other than the tax
imposed under section 44-13-13), 14,
17 or 30 of this title. The assignee may apply the tax credit against taxes
imposed on the assignee
until the end of the tenth calendar year after the year in
which the substantially rehabilitated
property is placed in service or until the full credit
assigned is used, whichever occurs first. Fiscal
year assignees may claim the credit until the expiration
of the fiscal year that ends within the
tenth year after the year in which the substantially
rehabilitated property is placed in service. The
assignor shall perfect the transfer by notifying the state of
writing, within thirty (30) calendar days following the
effective date of the transfer and shall
provide any information as may be required by the division of
taxation to administer and carry
out the provisions of this section.
For purposes of this
chapter, any assignment or sales proceeds received by the taxpayer
for its assignment or sale of the tax credits allowed
pursuant to this section shall be exempt from
this title. If a tax credit is subsequently recaptured
under this chapter, revoked or adjusted, the
seller's tax calculation for the year of revocation,
recapture, or adjustment shall be increased by
the total amount of the sales proceeds, without
proration, as a modification under chapter 30 of
this title. In the event that the seller is not a natural
person, the seller's tax calculation under
chapters 11, 12, 13 (other than with respect to the tax imposed
under section 44-13-13), 14, 17, or
30 of this title, as applicable, for the year of
revocation, recapture, or adjustment, shall be
increased by including the total amount of the sales proceeds
without proration.
(g) Credits allowed
to partners, members or owners that are exempt from taxation under
section 501(c)(3), section (c)(4) or section 501(c)(6) of the
be fully refundable.
(h) Substantial
rehabilitation of property that either:
(1) Is exempt from real property tax;
(2) Is a social club;
or
(3) Consists of a
single family home or a property that contains less than three (3)
residential apartments or condominiums shall be ineligible for
the tax credits authorized under
this chapter; provided, however, a scattered site
development with five (5) or more residential
units in the aggregate (which may include single family
homes) shall be eligible for tax credit. In
the event a certified historic structure undergoes a substantial
rehabilitation pursuant to this
chapter and within twenty-four (24) months after issuance of
a certificate of completed work the
property becomes exempt from real property tax, the taxpayer's
tax for the year shall be increased
by the total amount of credit actually used against the
tax.
(i)
In the case of a corporation, this credit is only allowed against the tax of a
corporation
included in a consolidated return that qualifies for the
credit and not against the tax of other
corporations that may join in the filing of a consolidated tax
return.
44-33.6-4. Administration.
-- (a) To claim the tax credit authorized
in this chapter,
taxpayers shall apply:
(1) 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;
(2) To the commission
after completion of the rehabilitation work of the certified historic
structure 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
(3) To the division
of taxation after completion of the rehabilitation work of the certified
historic structure for a certification as to the amount of tax
credit for which the rehabilitation
qualifies. The commission and the division of taxation may 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
division of taxation and may be amended from time to time.
(b) Within thirty
(30) days after the commission's and division of taxation's receipt of the
taxpayer's application requesting certification for the
completed rehabilitation work:
(1) The commission
shall issue the taxpayer a written determination either denying or
certifying the rehabilitation; and
(2) Division of
taxation shall issue a certification of the amount of credit for which the
rehabilitation qualifies. To claim the tax credit, 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 material alterations to the
certified historic structure will be made without
the commission's prior approval and agreeing that such
shall be done in a manner consistent with
the standards of the Secretary of the United States
Department of the Interior; and, in the event
the owner applies for the twenty-five percent (25%) tax
credit, that either:
(1) At least
twenty-five percent (25%) of the total rentable area of the certified historic
structure will be made available for a trade or business; or
(2) The entire
rentable area located on the first floor of the certified historic structure
will
be made available for a trade or business, in either
case, for a period of sixty (60) months after the
placed in service date of the certified historic structure
or identifiable portion thereof.
(d) The division of
taxation shall charge a fee equal to three percent (3%) of qualified
rehabilitation expenditures. The fee shall be payable upon
submission of the Part 2 application.
The fee shall be non-refundable.
(e) Notwithstanding
any provisions of the general laws or regulations adopted thereunder
to the contrary, including, but not limited to, the
provisions of chapter 2 of title 37, the division of
taxation is hereby expressly authorized and empowered to enter
into contracts with persons,
firms, partnerships, trusts, estates, limited liability
companies, corporations (whether for profit or
nonprofit) or other business entities that incur qualified
rehabilitation expenditures for the
substantial rehabilitation of certified historic structures or
some identifiable portion of a structure.
Upon payment of the portion of the fee set forth in
subdivision (d) above, the division of taxation
and the applicant shall enter into a contract for tax
credits consistent with the terms and
provisions of this chapter.
(f) Upon satisfaction
of the requirements set forth herein and the payment of the fees as
set forth in subdivision (d) above, the division of
taxation shall, on behalf of the State of
Island, guarantee the delivery of one hundred percent
(100%) of the tax credit and use of one
hundred percent (100%) of the tax credit in the tax year a
certified historic structure is placed in
service through a contract with persons, firms, partnerships,
trusts, estates, limited liability
companies, corporations (whether for profit or nonprofit) or
other business entities that will incur
qualified rehabilitation expenditures for the substantial
rehabilitation of a certified historic
structure or some identifiable portion of a structure.
(g) Any contract
executed pursuant to this chapter by a person, firm, partnership, trust,
estate, limited liability company, corporation (whether for
profit or nonprofit) or other business
entity shall be assignable to:
(1) An affiliate
thereof without any consent from the division of taxation;
(2) A banking
institution as defined by subdivision 44-14-2(2) or credit union as defined
in subdivision 44-15-1.1(1) without any consent from the
division of taxation; or
(3) A person, firm,
partnership, trust, estate, limited liability company, corporation
(whether for profit or
nonprofit) or other business entity that incurs qualified rehabilitation
expenditures for the substantial rehabilitation of certified
historic structures or some identifiable
portion of a structure, with such assignment to be approved
by the division of taxation, which
approval shall not be unreasonably withheld or conditioned.
For purposes of this subsection,
"affiliate" shall
be defined as any entity controlling, controlled by or under common control
with
such person, firm, partnership, trust, estate, limited
liability company, corporation (whether for
profit or nonprofit) or other business entity.
(h) If information
comes to the attention of the commission or 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 may deny the
requested certification or
revoke a certification previously given, and in either
instance all fees paid by the applicant shall
be deemed forfeited. In the event that tax credits or a
portion of tax credits are subject to
recapture for ineligible costs and such tax credits have been
transferred, assigned and/or
allocated, the state will pursue its recapture remedies and
rights against the applicant of the tax
credits, and all fees paid by the applicant shall be deemed
forfeited. No redress shall be sought
against assignees, transferees or allocates of such credits
provided they acquired the tax credits by
way of an arms-length transaction, for value, and without
notice of violation, fraud or
misrepresentation.
(i)
The commission, in consultation with the division of taxation, shall promulgate
such
rules and regulations as are necessary to carry out the
intent and purpose of this chapter.
44-33.6-5.
Information requests. -- The tax division and
its agents, for the purpose of
ascertaining the correctness of any credit claimed under the
provisions of this chapter, may
examine any books, papers, records, or memoranda bearing upon
the matters required to be
included in the return, report, or other statement, and may
require the attendance of the person
executing the return, report, or other statement, or of any
officer or employee of any taxpayer, or
the attendance of any other person, and may examine the
person under oath respecting any matter
which the tax administrator or his or her agent deems
pertinent or material in determining the
eligibility for credits claimed and may request information from
the commission, and the
commission shall provide the information in all cases, to the
extent not otherwise prohibited by
statute.
44-33.6-6.
Election; Limitations. -- Taxpayers who elect
and qualify to claim tax credits
for the substantial rehabilitation of a certified
historic structure pursuant to this chapter are
ineligible for any tax credits that may also be available to the
taxpayer for the substantial
rehabilitation of that particular certified historic structure under
the provisions of chapters 33.1 of
this title, 64.7 of title 42, and/or 31 of this title. Neither
taxpayers nor assignees may apply any
tax credits issued in accordance with this section until
fiscal year 2014.
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 section 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.
44-33.6-8. Historic tax credit apprenticeship requirements.
-- (a) Notwithstanding any
laws to the contrary, any credit allowed under this
chapter for hard construction costs valued at
ten million dollars ($10,000,000) or more shall include a
requirement that any contractor and
subcontractor working on the project shall have an apprenticeship
program as defined herein for
all apprenticeable crafts that
will be employed on the project at the time of bid. The provisions of
the section shall only apply to contractors and
subcontractors with five (5) or more employees.
For purposes of this
section, an apprenticeship program is one that is registered with and
approved by the
C.F.R.30; and
(b)
The department of labor and training must provide information and technical
assistance to affected governmental, quasi-governmental
agencies, and any contractors awarded
projects relative to their obligations under this statute.
(c)
The department of labor and training may also impose a penalty of up to five
hundred
dollars ($500) for each calendar day of noncompliance with
this section, as determined by the
director of labor and training. Mere errors and/or omissions
shall not be grounds for imposing a
penalty under this subsection.
(d)
Any penalties assessed under this statute shall be paid to the general fund.
(e)
To the extent that any of the provisions contained in section 37-13-3.2
conflict with
the requirements for federal aid contracts, federal law
and regulations shall control.
44-33.6-9.
Reporting requirements. -- (a) Each taxpayer requesting certification of a
completed rehabilitation shall report to the commission and the
division of taxation the following
information:
(1) The number of
total jobs created;
(2) The number of
(3) The total amount
of qualified rehabilitation expenditures;
(4) The total cost of
materials or products purchased from
(5) Such other
information deemed necessary by the tax administrator.
(b) Any agreements or
contracts entered into under this chapter by the division, the
commission, or the economic development corporation and the taxpayer
shall be sent to the
division of taxation and be available to the public for
inspection by any person and shall be
published by the tax administrator on the tax division website.
(c) By August 15th of
each year the division of taxation shall report the name, address,
and amount of tax credit received for each credit
recipient during the previous state fiscal year to
the governor, the chairpersons of the house and senate
finance committees, the house and senate
fiscal advisors, and the department of labor and training.
This report shall be available to the
public for inspection by any person and shall be published
by the tax administrator on the tax
division website.
(d) By September 1st
of each year the division of taxation shall report in the aggregate the
information required under subsection 44-33.6-9(a). This report
shall be available to the public
for inspection by any person and shall be published by
the tax administrator on the tax division
website.
(e) By September 1,
2018 and biennially thereafter the division of taxation shall report in
the aggregate the total number of approved projects,
project costs, and associated amount of
approved tax credits.
44-33.6-10.
Historic preservation tax credit trust fund. --
All processing fees collected
pursuant to this chapter after July 1, 2013 shall be deposited
in a historic preservation tax credit
restricted receipt account within the historic preservation tax
credit trust fund, which shall be
used, to the extent resources are available, to refund or
reimburse the state for any credits certified
by the division of taxation.
44-33.6-11. Sunset.-- No credits shall be authorized to be reserved
pursuant to this
chapter on or after June 30, 2016 or upon the exhaustion of
the maximum aggregate credits,
whichever comes first.
SECTION 3. This
article shall take effect upon passage.