§ 44-33.2-4. Administration.
(a) To claim the tax credit authorized in this chapter, taxpayers shall apply: (i) to
the commission prior to the certified historic structure being placed in service for
a certification that the certified historic structure's rehabilitation will be consistent
with the standards of the Secretary of the United States Department of the Interior
for rehabilitation; and (ii) after completion of the rehabilitation work to the certified
historic structure: (A) to the commission for a certification that the rehabilitation
is consistent with the standards of the Secretary of the United States Department
of the Interior for rehabilitation, and (B) to the division of taxation for a certification
as to the amount of tax credit for which the rehabilitation qualifies. The commission
and the division of taxation shall be entitled to rely on the facts represented in
the application without independent investigation and, with respect to the amount
of tax credit for which the rehabilitation qualifies, upon the certification of a
certified public accountant licensed in the state of Rhode Island. The applications
shall be developed by the commission and the division of taxation and may be amended
from time to time.
(b) Within ninety (90) days after the commission's and the division of taxation's receipt
of the taxpayer's application requesting certification for the completed rehabilitation
work, (i) the commission shall issue the taxpayer a written determination either denying
or certifying the rehabilitation, and (ii) the division of taxation shall issue a
certification of the amount of credit for which the rehabilitation qualifies. To claim
the tax credit, the commission's and the division of taxation's certification as to
the amount of the tax credit shall be attached to all state tax returns on which the
credit is claimed.
(c) No taxpayer may benefit from the provisions of this chapter unless the owner of the
certified historic structure grants a restrictive covenant to the commission, agreeing
that during the holding period no alterations to the certified historic structure
will be made without the commission's approval and in a manner inconsistent with the
standards of the Secretary of the United States Department of the Interior.
(d) The division of taxation shall charge a fee equal to two and one quarter percent (2.25%)
of the qualified rehabilitation expenditures of structures placed in service after
July 31, 2005 and prior to January 1, 2008. The fee shall have been paid by May 15,
2008 for certified historical structures or some identifiable portion of a structure
to qualify for the thirty percent (30%) tax credits under subsection 44-33.2-3(a). For certified historical structures or some identifiable portion of a structure
placed in service after December 31, 2007, the division of taxation shall charge a
fee equal to three percent (3%), four percent (4%), or five percent (5%) of the qualified
rehabilitation expenditures as contracted between the division of taxation and the
person, firm, partnership, trust, estate, limited liability company, corporation (whether
for profit or non-profit) or other business entity that incurs qualified rehabilitation
expenditures for the substantial rehabilitation of certified historic structures or
some identifiable portion of a structure to be placed in service after December 31,
2007; provided further that two and one quarter percent (2.25%) of the qualified rehabilitation
expenditures shall be paid by May 15, 2008 with the remaining percent to be paid by
March 5, 2009. Payments made after March 5, 2009 shall accrue interest as set forth
in § 44-1-7.
(e) If information comes to the attention of the commission or the division of taxation
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 or the division
of taxation may deny the requested certification, revoke a certification previously
given or terminate the contract, with any processing fees paid to be forfeited.
(f) The general assembly hereby finds that the state's fiscal budgetary crisis is of such
a nature to cause immediate peril to the public health, safety or welfare that any
regulations promulgated by the division of taxation or the Rhode Island historical
preservation and heritage commission in furtherance of this chapter must be promulgated
as emergency regulations pursuant to subsection 42-35-3(b).