The bill amends the General Laws in Chapter 44-33.6, "Historic Preservation Tax Credits 2013," to enhance the framework for historic preservation tax credits in Rhode Island. Key insertions include a new definition section that clarifies terms such as "certified historic structure" and "qualified rehabilitation expenditures," with the latter now requiring documentation from an independent certified public accountant. The tax credit for substantial rehabilitation of certified historic structures is increased from 20% to 30% for projects allocating at least 80% of rental area for multi-family housing, while other projects maintain a 25% credit. The maximum project credit is raised from $5 million to $8 million, and tax credits can now be assigned or transferred to other entities. Additionally, construction projects exceeding $20 million must comply with prevailing wage requirements, and tax credits will not be awarded without confirmation of compliance from the Department of Labor and Training.

The bill also introduces several deletions, including the removal of the phrase "any amounts" from the definition of "qualified rehabilitation expenditures," emphasizing the need for proper documentation. New reporting requirements mandate that taxpayers report metrics such as job creation and total qualified rehabilitation expenditures, with agreements made under this chapter being publicly accessible. The Division of Taxation is required to provide annual reports on tax credit recipients, and the sunset date for reserving tax credits has been extended to June 30, 2030. The bill aims to improve accountability and transparency in the administration of tax credits while ensuring compliance with labor standards and enhancing incentives for the rehabilitation of historic structures.

Statutes affected:
940: 42-64.20-5