The bill amends Section 42-64.20-5 of the General Laws concerning the "Rebuild Rhode Island Tax Credit." It introduces new provisions that specify the maximum project credit allowed for qualified development projects, particularly those involving housing and mixed-use projects that require at least twenty percent (20%) of the housing units to be affordable or workforce housing for residents earning between eighty percent (80%) and one hundred twenty percent (120%) of the area median income (AMI). The maximum project credit is set at fifteen million dollars ($15,000,000) and is not inclusive of any sales and use tax exemptions for which the qualified development project is eligible. These exemptions are allowed in addition to the maximum project credit.

The bill also clarifies that the overall aggregate sum of credits authorized under this chapter is capped at $225 million, excluding certain exemptions. This act aims to enhance the Rebuild Rhode Island Tax Credit program by providing clearer eligibility criteria and ensuring that projects involving affordable housing can benefit from additional financial incentives. The act will take effect upon passage.

Statutes affected:
5741: 42-64.20-5