§ 44-33.6-7. Timing and reapplication.
(a) Taxpayers shall have twelve (12) months from the approval of Part 2 application to
commence substantial construction activities related to the subject substantial rehabilitation.
Upon commencing substantial construction activities, the taxpayer shall submit an
affidavit of commencement of substantial construction to the commission, together
with evidence of the requirements having been satisfied. Furthermore, after commencement
of substantial construction activities, no project shall remain idle prior to completion
for a period of time exceeding six (6) months. In the event that a taxpayer does not
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§ 44-33.6-7. Timing and reapplication.
(a) Taxpayers shall have twelve (12) months from the approval of Part 2 application to
commence substantial construction activities related to the subject substantial rehabilitation.
Upon commencing substantial construction activities, the taxpayer shall submit an
affidavit of commencement of substantial construction to the commission, together
with evidence of the requirements having been satisfied. Furthermore, after commencement
of substantial construction activities, no project shall remain idle prior to completion
for a period of time exceeding six (6) months. In the event that a taxpayer does not
commence substantial construction activities within twelve (12) months from the approval
of Part 2 application, or in the event that a project remains idle prior to completion
for a period of time exceeding six (6) months, the subject taxpayer shall forfeit
all fees paid prior to such date and its then-current contract for tax credits shall
be deemed null and void, and shall terminate without need for further action or documentation.
Upon any such forfeiture and termination, a taxpayer may re-apply for tax credits
pursuant to this chapter; however, notwithstanding anything contained herein to the
contrary, one hundred percent (100%) of the fees required shall be paid upon reapplication
and the fees shall be non-refundable. Additionally, any taxpayer reapplying for tax
credits pursuant to this section shall be required to submit evidence with its application
establishing the reason for delay in commencement or the project sitting idle, as
the case may be, and provide evidence, reasonably satisfactory to the commission,
that the condition or event causing same has been resolved. All taxpayers shall submit
a reasonably detailed project timeline to the commission together with the Part 2
application. The provisions of this section shall be further detailed and incorporated
into the form of contract for tax credits used in connection with this chapter.
(b) Notwithstanding any other provision of law to the contrary, projects that have been
approved for historic preservation tax credits and have been funded through the cultural
arts and the economy grant program, as enacted in P.L. 2014, ch. 145, and whose contract
for tax credits would expire on December 31, 2019, are not subject to the provisions
of this section and shall remain in full force and effect until December 31, 2022.