| Chapter 291 |
| 2019 -- S 0980 SUBSTITUTE A Enacted 07/19/2019 |
| A N A C T |
| RELATING TO TAXATION -- HISTORIC PRESERVATION TAX CREDITS |
| Introduced By: Senators Euer, and DiPalma |
| Date Introduced: June 13, 2019 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Sections 44-33.6-7 and 44-3.6-11 of the General Laws in Chapter 44-33.6 |
| entitled "Historic Preservation Tax Credits 2013" are hereby amended to read as follows: |
| 44-33.6-7. Timing and reapplication. |
| (a) 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 the |
| 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 the 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 the 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. |
| (b) Projects that have been approved for historic preservation tax credits and have been |
| funded through the cultural arts and the economy grant program, as enacted in chapter 145 of the |
| 2014 Pub. L. P.L. 2014, ch. 145, and whose contract for tax credits would expire on December |
| 31, 2019, are not subject to the provisions of § 44-33.6-7 this section and shall remain in full |
| force and effect until December 31, 2022. |
| 44-33.6-11. Sunset. |
| No credits shall be authorized to be reserved pursuant to this chapter on or after June 30, |
| 2019 2020, or upon the exhaustion of the maximum aggregate credits, whichever comes first. |
| SECTION 2. This act shall take effect upon passage. |
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| LC002727/SUB A/2 |
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