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, for projects involving housing and mixed-use developments that include at least twenty percent (20%) of affordable or workforce housing units for residents making no more than between eighty percent (80%) and one hundred twenty percent (120%) of the area median income (AMI), these projects may receive sales and use tax exemptions of up to thirty percent (30%) of the maximum project credit. The sales and use tax exemptions are applicable for purchases made by June 30, 2028. 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