Rhode Island Code of Regulations
Title 870 - Rhode Island Commerce Corporation
Chapter 30 - Tax Credits and Exemptions
Subchapter 00 - N/A
Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act
Section 870-RICR-30-00-6.14 - TIF Payments
Universal Citation: 870 RI Code of Rules 30 00 6.14
Current through March 20, 2024
A. The Total TIF Payment shall be paid in annual installments and shall be subject to appropriation.
B. An Annual TIF Payment shall not be allowed prior to the taxable year in which the Qualified Development Project is Placed in Service.
C. The Annual TIF Payment shall not exceed 75% of the actual Incremental Revenues for the year corresponding to the Annual TIF Payment.
D. The Total TIF Payment received by any Applicant for a given Qualified Development Project shall not exceed the lesser of
1. thirty
percent of the Project Cost as provided in the Application; or
2. thirty percent of the total Project Cost
as certified by the Corporation pursuant to these Rules; provided, however,
that the limitation of this Subsection shall not apply to projects for public
infrastructure, a preexisting municipally-owned stadium of 10,000 seats or
greater, or utilities.
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