2013 -- H 5637

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LC01694

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO TAXATION - HISTORIC STRUCTURES TAX CREDIT

     Introduced By: Representative Agostinho F. Silva

     Date Introduced: February 27, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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

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

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

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

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information:

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     (1) The number of construction jobs created;

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

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

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     (4) The total cost of construction labor;

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

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

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

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     (8) The total amount of qualified rehabilitation expenditures;

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

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

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

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

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

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

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published by the tax administrator on the tax division website.

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

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

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

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

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

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administrator on the tax division website.

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

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

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

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

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

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division website.

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

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

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

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

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form and in a manner prescribed by the tax administrator.

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

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

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

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website.

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     SECTION 2. This act shall take effect upon passage.

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LC01694

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION - HISTORIC STRUCTURES TAX CREDIT

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

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

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credit agreements and annual reports regarding tax credits.

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     This act would take effect upon passage.

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LC01694

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