The bill introduces the "Affordable Housing Tax Credit Act" to the General Laws of Rhode Island, offering a state tax credit to business firms investing in low-income rental housing production. This state credit will be 50% of the federal low-income housing tax credit available to the firm. The bill also amends the law to exempt certain gross receipts from sales and use taxes, including sales to charitable, educational, and religious organizations, and specifies conditions under which contractors can purchase materials tax-free for use in exempt projects. No deletions are indicated in the bill's text.

Furthermore, the bill details a range of sales tax exemptions, such as for food and food ingredients, medicines, and durable medical equipment sold on prescription, as well as for special adaptations for vehicles for persons with disabilities. It also exempts various items from sales and use tax, including heating fuels, manufacturing machinery, and commercial fishing vessels. The bill does not show any specific insertions or deletions, suggesting it is a description of current exemptions rather than new legislative changes. It also includes provisions for freezing the assessed tax valuation of renovated residential properties that meet HUD standards for a period of ten years, aiming to encourage the renovation of affordable housing. The act would be effective upon passage.

Statutes affected:
7681: 44-18-30