The bill amends Section 42-64.20-5 of the General Laws concerning the "Rebuild Rhode Island Tax Credit." It introduces new provisions that allow for a maximum project credit of up to $15 million for qualified development projects. Specifically, for qualified development projects involving the development of housing and mixed-use projects that require at least 20% of the housing units to be affordable or workforce housing for residents making no more than between 80% and 120% of the area median income (AMI), the bill allows for sales and use tax exemptions of up to 30% of the maximum project credit. These exemptions are applicable for purchases made by June 30, 2028.

The bill also outlines that tax credits can be claimed against corporate and personal income taxes and includes provisions for the assignment, transfer, or conveyance of these credits. Additionally, it specifies the redemption of tax credits at 90% of their value upon request, subject to annual appropriation. The commerce corporation is tasked with developing regulations for the administration of these credits and determining project eligibility. The act is set to take effect upon passage.

Statutes affected:
1002: 42-64.20-5
1002  SUB A: 42-64.20-5
1002  SUB A as amended: 42-64.20-5