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-20-20-3.9 - Processing fees and Contracts of Guaranty

Universal Citation: 280 RI Code of Rules 20 20 3.9

Current through September 18, 2024

A. Project Currently in Progress-Contract with the Tax Division.

1. For Certified Historic Structures or some identifiable portion thereof that are Placed-in-Service after December 31, 2007:
a. The Part 1 'Application for Certification as a Historic Structure' must have been recorded as being received by the Commission prior to January 1, 2008;

b. The Processing Fees referenced in R.I. Gen. Laws § 44-33.2-3(b) of the Act shall be paid to the Tax Division by May 15, 2008;

c. Upon the payment of those fees, the Person that will incur Qualified Rehabilitation Expenditures shall enter into a Contract with the Tax Division;

d. At the signing of the Contract, the Person that will incur Qualified Rehabilitation Expenditures shall select the percentage of tax credits and Processing Fees, as outlined in R.I. Gen. Laws § 44-33.2-3(b), for any Certified Historic Structure or identifiable part thereof that will be Placed-in-Service after December 31, 2007;

e. The Contract will guarantee the amount of tax credit as the lesser of:
(1) the amount specified in the Contract, or

(2) the actual Qualified Rehabilitation Expenditures multiplied by the tax credit percentage selected by the Person at the signing of the Contract;

f. Due dates for payment of fees:
(1) Two and one quarter percent (2.25%) of the Qualified Rehabilitation Expenses shall be paid to the Tax Division by May 15, 2008 and the remaining percentage of the Processing Fees shall be paid on or before March 5, 2009. Untimely payments shall accrue interest in accordance with R.I. Gen. Laws § 44-1-7.

(2) Payment of the Processing Fees and compliance with the requirements of this regulation shall guarantee 100 percent of the credit.

g. The Contract shall be assignable:
(1) to an Affiliate of the Person incurring the Qualified Rehabilitation Expenditures, without consent from the Tax Division, or

(2) to some other Person or business entity incurring Qualified Rehabilitation Expenditures. Such assignments are subject to the approval of the Tax Division, which approval shall not be unreasonably withheld

h. The Tax Division shall reconcile the actual amount of tax credits as part of the final project certification. If the Processing Fees paid upon Contract signing are greater than required, based on the actual Qualified Rehabilitation Expenditures, the appropriate difference shall be refunded to the Person that incurred the Qualified Rehabilitation Expenditures, without interest.

B. Projects Near Final Certification

1. For Certified Historic Structures or some identifiable portion thereof that are Placed-in-Service prior to January 1, 2008.
a. The Processing Fees of two and one quarter percent (2.25%) of Qualified Rehabilitation Expenditures as referenced in R.I. Gen. Laws § 44-33.2-4(d) shall be paid, in their entirety, to the Tax Division by May 15, 2008; and

b. The Part 3 'Request for Certification of Completed Work' must be recorded as being received by the Commission by May 15, 2008.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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