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 fifteen million dollars ($15,000,000) for qualified development projects. Additionally, it establishes a new category for projects involving housing and mixed-use developments that require at least twenty percent (20%) of the housing units to be affordable or workforce housing. These projects can receive sales and use tax exemptions of up to thirty percent (30%) of the maximum project credit, provided that the purchases are made by June 30, 2028.

The act will 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