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 include at least twenty percent (20%) affordable housing 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 eligibility criteria for tax credits related to qualified development projects and outlines streamlined application processes for various types of projects, including those involving certified historic structures and recognized historical structures. It specifies that certain applicants may be exempt from specific requirements, providing greater flexibility in the application process.

Overall, the amendments aim to enhance the effectiveness of the Rebuild Rhode Island Tax Credit program by promoting investment in development projects that meet the specified criteria. The act would take effect upon passage.

Statutes affected:
5741: 42-64.20-5