Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 3 - Historic Structures Tax Credit (280-RICR-20-20-3)
Section 280-RICR-20-20-3.11 - Miscellaneous

Universal Citation: 280 RI Code of Rules 20 20 3.11

Current through September 18, 2024

A. Administration and Examination of Records - Tax Division. The Tax Division and its agents, for the purpose of ascertaining the correctness of any Credit claimed under the Act, may examine any books, paper, records or memoranda bearing upon the matters required to be included in the return, report or other statement, and may require the attendance of the Person executing the return, report or other statement, or of any officer or employee of any taxpayer, or the attendance of any other Person, and may examine the Person under oath respecting any matter which the Tax Division or its agents deems pertinent or material in determining eligibility for Credits claimed, and may request information from the Commission, and the Commission shall provide such information in all cases, to the extent not otherwise prohibited by statute.

B. Commission's and Tax Division's Inspection Rights. The Commission or the Tax Division shall have the right at reasonable times to make an inspection and to enter upon any property that is the subject of an application for certification, whether the Rehabilitation is proposed, ongoing, or completed, and for the entire Holding Period following issuance of a Certificate of Completed Work, to verify that the Rehabilitation is as represented and that no unpermitted alterations or changes are made after issuance of a Certificate of Completed Work.

C. Commission's and Tax Division's Right to Deny or Revoke Credit. If information comes to the attention of the Commission at any time up to and including the last day of the Holding Period that is materially inconsistent with representations made in an application, the Commission may deny the requested certification or revoke a certification previously given. If information comes to the attention of the Tax Division at any time up to and including the last day of the Holding Period that is materially inconsistent with representations made in the Accountant's Certification or any supporting materials, the Tax Division may revoke the Assignable Historic Tax Credit Certificate and cancel a Contract for tax credits and any Processing Fees paid thereunder shall be forfeited. If any tax credits have been claimed by any taxpayer based on an Assignable Historic Preservation Tax Credit Certificate that has been revoked or a Contract that has been canceled, the Owner who filed the Accountant's Certification shall pay to the Tax Division an amount equal to the Tax Credit claimed. There shall be no adjustment to the tax credit claimed by the taxpayer if a taxpayer acquired the Assignable Historic Tax Credit Certificate, directly or indirectly, from the Owner or a Participant in the Owner without notice of the materially inconsistent information upon which the Certificate or Contract has been revoked.

D. Election among credits

1. Taxpayers who elect to claim Credits under the Act are ineligible for any tax credits that may also be available to the taxpayer for the Rehabilitation of that particular Certified Historic Structure under R.I. Gen. Laws Chapters 44-33.1, 42-64.7, and/or 44-31.

E. Severability clause.

1. If any provision of this Part, or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the validity of the remainder of this Part shall not be affected thereby.

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