Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 6 - Historic Preservation Tax Credits 2013 (280-RICR-20-20-6)
Section 280-RICR-20-20-6.20 - Determination of Credit
Current through March 20, 2024
A. The amount of the credit shall be determined by multiplying the total amount of QREs incurred in connection with the plan of Rehabilitation by the appropriate percentage as elected in the Contract. QREs may include expenses in connection with the Rehabilitation which were incurred prior to the start of Rehabilitation or of the Measuring Period but not prior to July 3, 2013. Further, QREs may include expenses incurred prior to completion of a formal plan of Rehabilitation but not prior to July 3, 2013, provided the expenses were incurred in connection with the Rehabilitation which was completed.
B. The Division of Taxation shall certify the amount of QREs. In the case of Phased Projects, the Division of Taxation shall certify the amount of QREs for each phase.
C. The Division of Taxation shall also issue an Assignable Historic Preservation Tax Credit Certificate, which shall certify as to the amount of historic preservation tax credit for which the Substantial Rehabilitation qualifies as more fully provided in § 6.21 of this Part.
D. The Division of Taxation may rely without independent investigation on the Accountant's Certification as to the amount of QREs actually incurred and the satisfaction of Substantial Rehabilitation test. However, the Division of Taxation reserves the right to review such certifications and to audit the original documents of entry, vendor lists, payroll records, accounts or other records supporting such Accountant's Certification.
E. If the amount of the credit exceeds the taxpayer's tax liability for the taxable year in which the credit may be claimed, the amount that exceeds the tax liability may be carried over for credit against the income taxes of such taxpayer for the next ten (10) taxable years or until the full credit is used, whichever occurs first.
F. In the case of a corporation, the historic preservation tax credit is only allowed against the tax of a corporation included in a consolidated return that qualifies for the credit and not against the tax of other corporations that may join in the filing of a consolidated tax return.
