reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.9 - Certification of a Production

Current through June 14, 2024
A. Initial
				 Certification of a Production:
1. Where
				 necessary documentation is not provided, review and evaluation will be delayed
				 and initial certification may be denied on the basis of lack of information.
				 Because the circumstances of each production are unique, initial certifications
				 that have been granted to one production shall not be used nor relied upon by
				 applicants for other productions.
2. Any costs incurred prior to filing a
				 complete initial certification application shall not be allowed for purposes of
				 meeting the one hundred thousand dollars ($100,000) minimum Rhode Island
				 production budget or as a cost in calculating the motion picture production
				 company tax credits.
3. The film
				 office will complete its review for initial certification requests within
				 thirty (30) business days of receiving a complete, adequately documented
				 application. Where adequate information is not provided, the film office will
				 notify the applicant of the additional information needed to complete the
				 review. The film office will adhere to this time period as closely as possible,
				 but failure to complete a review within the designated period does not waive or
				 alter any certification requirement nor does it imply approval.
4. Initial Certification Notice:
a. Once the review is completed, the film
				 office will issue initial certification of the motion picture production in the
				 form of a notice issued to the motion picture production company and to the tax
				 administrator. The notice states that, after appropriate review, the initial
				 application meets the appropriate criteria for conditional eligibility. The
				 notice of initial certification is only a statement of conditional eligibility
				 for the production and, as such, does not grant or convey any Rhode Island tax
				 benefits. If the film office denies initial certification, the applicant may
				 appeal that decision under the provisions of R.I. Gen. Laws §
												44-31.2-8.
b. The notice of initial certification
				 includes, but is not limited to, the following information: name and address of
				 the applicant, the name of the motion picture production, the effective date
				 for the production, taxpayer identification number of the motion picture
				 production company, and a unique identifying number assigned by the film office
				 and required for each production. The notice also gives notice that, upon
				 completion of the production, the application for final certification must be
				 completed including the receipt of a Rhode Island Certificate of Good Standing
				 for the production company to verify the production company's compliance with
				 all provisions of R.I. Gen. Laws §44-31.2.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.10 - Priority and Allocation of Credits

Current through June 14, 2024
A. Limitation
1. No more than fifteen million dollars
				 ($15,000,000) in total may be issued for any calendar year beginning after
				 December 31, 2007 for motion picture tax credits pursuant to R.I. Gen. Laws
				 Chapter 44-31.2 and/or musical and theatrical production tax credits pursuant
				 to R.I. Gen. Laws Chapter 44-31.3. Said credits shall be equally available to
				 motion picture productions and musical and theatrical productions. No specific
				 amount shall be set aside of either type of production.
2. Notwithstanding §
											5.10(A)(1)     of this Part, the tax credit for any motion picture production shall not exceed
				 five million dollars ($5,000,000).
3. The tax administrator may issue a waiver
				 of the five million dollar ($5,000,000) tax credit cap provided:
a. the production is a feature-length film or
				 television series;
b. the requested
				 tax credits do not exceed the remaining portion of the fifteen million dollars
				 ($15,000,000) in total motion picture production company tax credits available
				 for the calendar year; and
c. the
				 production company meets all other conditions and requirements under these
				 rules and regulations.
4. Credits shall be allocated against the cap
				 established in §
											5.10(A)(1)     of this Part for the calendar year determined by film office in the initial
				 certification notice.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.11 - Commencement of Production

Current through June 14, 2024
A. Once production
				 has begun, the film office shall be notified in writing by the
				 applicant/production company that, on a specific date, the actual production,
				 including the principal photography, has commenced. In the event that an
				 applicant's principal photography on a state certified motion picture does not
				 actually begin within one hundred eighty (180) days of the start date indicated
				 on the initial certification notice, the applicant shall be required to
				 resubmit the application for initial certification.
B. Recurrent Productions: If a motion picture
				 production company produces a television series, then production work on any
				 given "season" of such series completed in any one calendar year shall be
				 considered a separate and distinct state certified production for the purposes
				 of certification. In the case that a motion picture production company produces
				 a television "pilot" or "movies of the week", then such "pilot" or "movie of
				 the week" shall be considered a separate and distinct state certified
				 production for the purpose of the issuance of credit certificates. Any
				 additional "season", "pilot" or "movie of the week" will be treated as a
				 separate production and the applicant must repeat the application process and
				 the production must meet all appropriate criteria.
C. Amended Productions: In the event that the
				 production company requests the film office or the Division of Taxation to
				 approve an amended production for a motion picture that has already obtained
				 final certification, the applicant must repeat the application process and the
				 amended production must meet all appropriate criteria.
D. Inspection Rights: The film office and the
				 Division of Taxation shall have the right at reasonable times to enter upon any
				 set, soundstage, location or production office that is the subject of an
				 application for certification, whether the motion picture production is
				 proposed, ongoing, or completed, to verify that the motion picture production
				 is as represented.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.12 - Cost Report

Current through June 14, 2024
A. As a part of the
				 completed application for final certification of the production and the basis
				 on which the credits are calculated, the production costs and Cost Report are
				 crucial to the film office's and the Division of Taxation's deliberations
				 concerning the certification of the production. As part of the final
				 certification, the Cost Report must be accompanied by an "accountant's
				 certification" of the items to which it pertains. The film office and the
				 Division of Taxation may rely, without independent investigation, upon the
				 accountant's certification confirming the accuracy of the information included
				 in the Cost Report as well as the motion picture production company's
				 compliance with R.I. Gen. Laws §44-31-2.2(5).
B. The cost report is a crucial part of and
				 an attachment to the application for final certification of a production. The
				 cost report shall be in a format as prescribed by the tax administrator, and
				 must state:
1. the date of completion of the
				 production in the State of Rhode Island,
2. the amount and listing of production costs
				 incurred and actually paid within the State of Rhode Island with respect to the
				 production as set forth in the rules herein, and
3. that the total production budget is at
				 least $100,000.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.13 - Determination of Tax Credit

Current through June 14, 2024
A. The amount of
				 the motion picture production tax credit shall be determined by the Division of
				 Taxation to equal twenty-five percent (25%) of the state certified production
				 costs of a completed state certified production, verified by the Division of
				 Taxation. The credit is considered earned in the tax year the production is
				 completed.
B. The motion picture
				 production tax credit shall be allowed as a credit against a tax imposed by
				 R.I. Gen. Laws Chapters 44-11, 44-14, 44-17 and 44-30 for the tax year the
				 credit is earned. Any unused credit may be carried forward for the next three
				 (3) succeeding tax years.
C. The
				 Division of Taxation shall determine if the cost included in the cost report
				 meets the criteria of "costs" as defined in §
										5.5     of this Part. If any cost
				 is denied, the Division of Taxation shall advise the applicant of the denial in
				 writing, citing the reasons for the denial.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.14 - Issuance of Tax Credit Certificates

Current through June 14, 2024
A. Concurrent
				 with the final certification of the production, the Division of Taxation, based
				 upon the Certification shall also issue written, individual motion picture
				 production tax credit certificate[s] to the motion picture production company,
				 as allocated under its organizational documents, or to one or more transferees.
				 The motion picture production company must provide the names, addresses and
				 taxpayer identification numbers of such Participants or transferees. Credits
				 allowed to a motion picture production company which is a subchapter
				 S-corporation, partnership, or limited liability company that is taxed as a
				 partnership, shall be passed through respectively to the Participants on a pro
				 rata basis or pursuant to an executed agreement among such persons designated
				 as subchapter S-corporation shareholders, partners, or members. This writing
				 documents an alternate distribution method without regard to their sharing of
				 other tax or economic attributes of such entity. Each certificate will bear the
				 unique identification number that was issued to the production as part of its
				 initial certification.
B. Right to
				 Deny or Revoke Credit - If, at any time, it comes to the attention of the film
				 office or the Division of Taxation that information is/was misstated,
				 misrepresented or omitted or is materially inconsistent with representations
				 made in an application, the film office or the Division of Taxation may deny
				 the requested certification or revoke a certification previously given. In such
				 cases, the applicant may appeal the film office's or the Division of Taxation's
				 decision under the provisions of R.I. Gen. Laws §
										44-31.2-8.
C. In relation to granting the credit, any
				 motion picture production company applying for the credit shall be required to
				 reimburse the Division of Taxation for its audits.
1. The reimbursement shall be at the rate of
				 one quarter of one percent (0.25%) of the final audited certified production
				 costs and shall not exceed the amount of $5,000.
2. Such reimbursement shall be paid to the
				 Rhode Island Division of Taxation prior to the issuance of any tax credit
				 certificates.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.15 - Hearings and Appeals

Current through June 14, 2024
A. From an action
				 of the film office. For matters pertaining exclusively to application,
				 production, and certification of motion picture productions, any person
				 aggrieved by a denial action of the film office under R.I. Gen. Laws Chapter
				 44-31.2 shall notify the director of the film office in writing, within thirty
				 (30) days from the date of mailing of the notice of denial action by the film
				 office and request a hearing relative to the denial or action. The director of
				 the film office shall, as soon as is practicable, fix a time and place of
				 hearing. Following the hearing the direct of the film office shall render a
				 final decision. Appeals from a final decision of the director of the film
				 office under R.I. Gen. Laws Chapter 44-31.2 are to the Sixth (6th) Division
				 District Court pursuant to R.I. Gen. Laws Chapter 42-35.
B. From denial of tax credit or a portion
				 thereof. Any person aggrieved by the tax administrator's denial of a tax credit
				 or tax benefit under R.I. Gen. Laws Chapter 44-31.2 shall notify the tax
				 administrator in writing within thirty (30) days from the date of mailing of
				 the notice of denial of the tax credit and request a hearing relative to the
				 denial of the tax credit. The tax administrator shall, as soon as is
				 practicable, fix a time and place for a hearing. Following the hearing the tax
				 administrator shall render a final decision. Appeals from a final decision of
				 the tax administrator under R.I. Gen. Laws Chapter 44-31.2 are to the Sixth
				 (6th) Division District Court pursuant to R.I. Gen. Laws Chapter 8-8. The
				 taxpayer's right to appeal is expressly made conditional upon prepayment of all
				 taxes, interest, and penalties, unless the taxpayer files a timely motion for
				 exemption from prepayment with the district court in accordance with the
				 requirements imposed pursuant to R.I. Gen Laws §
										8-8-26.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.16 - Assignment of Tax Credit Certificates

Current through June 14, 2024
A. Each motion
				 picture production tax credit certificate may be assigned, with or without
				 consideration, transferred, or sold if it has not been previously claimed, in
				 whole or in part, against the taxes of the motion picture production company or
				 the taxes of the owner of the certificate. A single transfer or sale may
				 involve one or more transferees, assignees or purchasers. The transferors and
				 sellers must submit notice of the assignment, transfer or sale within thirty
				 (30) days of the sale of transfer to the tax administrator. The Division of
				 Taxation shall assess and collect an administrative fee of two hundred dollars
				 ($200) for issuing multiple tax credit certificates or for reissuing
				 certificates. In addition, the Division of Taxation will also collect an
				 administrative fee of two hundred dollars ($200) on behalf of the film
				 office.
B. Assignment of
				 Certificate: A motion picture production tax credit certificate may be
				 assigned, transferred or sold to any person, whether or not such person has an
				 ownership interest in the state certified production, provided that no credit
				 has been claimed based on the certificate being assigned, transferred or sold.
				 The certificate shall be assigned by endorsing the assignment clause on the
				 certificate and delivery of the original certificate to the assignee,
				 transferee or purchaser.
C.
				 Notification of Assignment:
1. It shall be
				 required that written notification is filed with the Division of Taxation of
				 the assignment, transfer or sale, of all or a portion the motion picture
				 production tax credit certificates. Notification submitted to the tax division
				 shall be done in accordance with the rules herein. Failure to comply will
				 result in the disallowance of the credit until the taxpayer is in full
				 compliance.
2. Notice to the tax
				 division shall include:
a. a copy of the
				 credit certificate, endorsed to the assignee. The original certificate shall
				 not be included with the notification since it must be retained by the
				 assignee, transferee or purchaser and attached to his/her/their/its tax return
				 for the year for which credit is claimed;
b. the name, address and telephone number of
				 the assignor, transferor or seller and those of the assignee, transferee or
				 purchaser;
c. the taxpayer
				 identification number or social security number of the parties; in addition,
				 for non-resident corporations, partnerships, limited liability companies, or
				 other entities the name and address of such entity's registered agent in Rhode
				 Island and evidence of qualification to do business in Rhode Island.
Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5) › Section 280-RICR-20-20-5.17 - Sunset

Current through June 14, 2024
No Motion Production Tax Credit shall be issued after the
					 date as prescribed in R.I. Gen. Laws §
										44-31.2-11.
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-20-20-6.1 - Purpose

Current through June 14, 2024
The purpose of this rule making is to implement R.I. Gen.
					 Laws Chapter 44-33.6 "Historic Preservation Tax Credits 2013." This chapter
					 creates economic incentives for the purpose of stimulating the redevelopment
					 and reuse of Rhode Island's historic structures, as well as to generate
					 positive economic and employment activities that will result from such
					 redevelopment and reuse. This regulation requires the filing of an application
					 form, payment of a non-refundable three percent (3%) Processing Fee and
					 entering into a Contract with the Rhode Island Division of Taxation. Applicants
					 are also required to file a Part 1 and a Part 2 Application for certification
					 with the Rhode Island Historical Preservation & Heritage
					 Commission.
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-20-20-6.2 - Authority

Current through June 14, 2024
These rules and regulations are jointly promulgated by the
					 Rhode Island Division of Taxation and the Rhode Island Historical Preservation
					 and Heritage Commission pursuant to R.I. Gen. Laws §§
										44-1-4 and
					  44-33.6-4(i).
					 These rules and regulations have been prepared in accordance with the
					 requirements of R.I. Gen. Laws Chapter 42-35 of the Rhode Island Administrative
					 Procedures Act.
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-20-20-6.3 - Application

Current through June 14, 2024
These rules and regulations shall be liberally construed so
					 as to permit the Division of Taxation and the Historical Preservation &
					 Heritage Commission to effectuate the purpose of R.I. Gen. Laws Chapter 44-33.6
					 and other applicable state laws and regulations.
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-20-20-6.4 - Severability

Current through June 14, 2024
If any provision of these rules and regulations, or the
					 application thereof to any Person or circumstance, is held invalid by a court
					 of competent jurisdiction, the validity of the remainder of the rules and
					 regulations shall not be affected thereby.
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-20-20-6.5 - Definitions

Current through June 14, 2024
A. "Accountant's certification" means the
				 certification of a certified public accountant licensed in the State of Rhode
				 Island containing the information required in the application for an Assignable
				 Historic Preservation Tax Credit Certificate. The accountant's certification
				 includes, but is not limited to, certification of the Adjusted Basis at the
				 beginning of the Rehabilitation, the Rehabilitation costs properly capitalized
				 to the building, and project costs incurred but not eligible for the historic
				 preservation tax credit such as costs for new construction and other costs not
				 chargeable to the capital account. The accountant's certification shall be
				 completed in the form of the Division of Taxation's Form HTC-8016 and shall be
				 accompanied by an opinion of the accountant regarding the accuracy of the
				 required information. The cost certification should include, but is not limited
				 to:
1. A schedule of development costs
				 (separating costs qualified for tax credit from costs not qualified for tax
				 credit) and calculation of historic tax credit basis based on Qualified
				 Rehabilitation Expense (QREs) and documentation from the project.
2. Verification of the existence of
				 development costs by examination of invoices, canceled checks, settlement
				 sheets and related documents.
3.
				 Review of the respective development costs to determine whether the costs were
				 eligible to be included in historic tax credit basis QREs in accordance with
				 R.I. Gen. Laws Chapter 44-33.6.
4.
				 Calculation of the Substantial Rehabilitation Test in accordance with R.I. Gen.
				 Laws §
											44-33.6-2(16).
5. Computation of tax credits to be available
				 to the project based upon the determination of QREs included in historic tax
				 credit basis.
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-20-20-6.6 - General Overview

Current through June 14, 2024
A. Effective July
				 3, 2013, R.I. Gen. Laws Chapter 44-33.6 establishes the "Historic Preservation
				 Tax Credits 2013" program. Persons wishing to participate in this program must:
1. Beginning August 1, 2013 file an
				 application for the Rhode Island historic preservation tax credits 2013 program
				 with the Division of Taxation using Rhode Island Form HTC-13. Any application
				 received prior to August 1, 2013 will be deemed received on August 1, 2013.
				 These projects will be placed in sequence on a "first come, first served"
				 basis. This sequence is also referred to within as the "queue", and further
				 described in §
											6.8     of this Part.
2. File Part 1 and Part 2 Applications with
				 the Commission within ninety (90) days of the date of notification by the
				 Division of Taxation that tax credits are available for the project.
a. Projects shall have twelve months from the
				 certification date of Part 2 Application to commence Substantial
				 Construction.
3. Within
				 thirty (30) days after the date of Part 2 certification, Applicant shall pay to
				 the Division of Taxation a non-refundable Processing Fee equal to three percent
				 (3%) of the estimated QREs;
4.
				 Enter into a Contract with the Division of Taxation. Prior to entering into the
				 Contract with the Division of Taxation, any taxpayer who has a project that is
				 currently entitled to Tax Credits under the Historic Structures - Tax Credit
				 program under R.I. Gen. Laws Chapter 44-33.2 must withdraw from said program
				 with respect to that project and forfeit any claims or redress against the
				 State attributable to that project made available under R.I. Gen. Laws Chapter
				 44-33.2.
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-20-20-6.7 - Tax Credit

Current through June 14, 2024
A. Subject to the
				 maximum credit provisions set forth in §§
										6.7(C) and
				 (D)     of this Part below, any Person, firm,
				 partnership, trust, estate, LLC, corporation (whether for profit or nonprofit)
				 or other business entity that incurs QREs for the Substantial Rehabilitation of
				 a Certified Historic Structure certified in accordance with these regulations,
				 provided the Rehabilitation is consistent with the Standards of Rehabilitation
				 as certified by the Commission and said Person, firm, partnership, trust,
				 estate, LLC, corporation or other business entity is not a Social Club or
				 Exempt from Real Property Tax, is entitled to a credit against the tax imposed
				 on such Person pursuant to R.I. Gen. Laws Chapters 44-11, 44-13, (other than
				 the tax imposed under R.I. Gen. Laws §
										44-13-13), 44-14, 44-17 or 44-30 in an amount equal to the following:
1. Twenty percent (20%) of the QREs;
				 or
2. Twenty-five percent (25%) of
				 the QREs provided that either:
a. At least
				 twenty-five percent (25%) of the total rentable area of the Certified Historic
				 Structure will be made available for a Trade or Business; or
b. The entire rentable area located on the
				 first floor of the Certified Historic Structure will be made available for a
				 Trade or Business.
c. Tax credits
				 shall be allowed for the taxable year in which such Certified Historic
				 Structure or an identifiable portion of the structure is Placed-in-Service
				 provided that the Substantial Rehabilitation test is met for such
				 year.
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-20-20-6.9 - Administration

Current through June 14, 2024
A. To claim the tax credit authorized in R.I.
				 Gen. Laws Chapter 44-33.6, the Applicant shall apply:
1. To the Commission, prior to the Certified
				 Historic Structure being Placed-in-Service, for a determination of historic
				 significance;
2. 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;
3. To the Commission, after completion of the
				 Rehabilitation work of the Certified Historic Structure, 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
4. To the Division of Taxation, after
				 completion of the Rehabilitation work of the Certified Historic Structure, for
				 a certification as to the amount of tax credit for which the Rehabilitation
				 qualifies. The Commission and the Division of Taxation may 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 by 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.
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-20-20-6.10 - Phased Projects

Current through June 14, 2024
A. In the case of a
				 Phased Project, the credit allowed shall be limited to the estimated QREs as
				 reported in the Contract for "Historic Preservation Tax Credit 2013" for each
				 phase. Any QREs in excess of the estimated amount for any phase shall be
				 carried over to the next subsequent phase and added to the QREs for that phase.
				 The credit allowed for that subsequent phase shall still be limited to the
				 estimated QREs for that phase as reported in the Contract.
1. Examples
a. A four-phase project, where at least
				 twenty-five percent (25%) of the total rentable area of the Certified Historic
				 Structure will be made available for a Trade or Business, with total estimated
				 QREs of sixteen million dollars ($16,000,000) in equal phases of four million
				 dollars ($4,000,000) each with a total credit amount of twenty-five percent
				 (25%) or four million dollars ($4,000,000) was reported in the Contract. In the
				 first phase, the QREs were six million dollars ($6,000,000). The credit will be
				 limited to twenty-five percent (25%) of the first four million dollars
				 ($4,000,000) of QREs or one million dollars ($1,000,000). The excess two
				 million dollars ($2,000,000) of QREs will be carried forward to the next
				 subsequent phase. In the next phase, the actual QREs were three million dollars
				 ($3,000,000) plus the two million dollars ($2,000,000) carried forward amount
				 for a total allowable QREs of five million dollars ($5,000,000). The credit
				 will be limited to twenty-five percent (25%) of the first four million dollars
				 ($4,000,000) of QREs or one million dollars ($1,000,000). The excess one
				 million dollars ($1,000,000) of QREs will be carried forward to the next
				 subsequent phase. This procedure will be continued until the project has
				 reached the total estimated QREs or the total credit amount has been reached,
				 whichever is less.
b. A two-phase
				 project, for residential rental real estate, with total QREs of ten million
				 dollars ($10,000,000) in equal phases of five million dollars ($5,000,000) each
				 with a total credit of twenty percent (20%) or two million dollars ($2,000,000)
				 was reported in the Contract with completion dates of December 31, 2014 for the
				 first phase and December 31, 2016 for the second phase. The first phase was
				 completed on December 31, 2014, and all required filings were submitted timely.
				 The Assignable Historic Preservation Tax Credit Certificate will be issued in
				 the amount of one million dollars ($1,000,000). The second phase was completed
				 on December 31, 2015. Since phase two was completed one year earlier than the
				 time reported in the Contract, the Assignable Historic Preservation Tax Credit
				 Certificate will not be issued until December 31, 2016.
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-20-20-6.11 - Election; Limitations

Current through June 14, 2024
A. Taxpayers who
				 elect and qualify to claim tax credits for the Substantial Rehabilitation of a
				 Certified Historic Structure pursuant to R.I. Gen. Laws Chapter 44-33.6 are
				 ineligible for any tax credits that may also be available to the taxpayer for
				 the Substantial Rehabilitation of that particular Certified Historic Structure
				 under the provisions of R.I. Gen. Laws Chapter 44-33.1 and 42-64.7, and/or
				 44-31.
B. Prior to entering into
				 the Contract with the Division of Taxation, any taxpayer who has a project that
				 is currently entitled to Tax Credits under the Historic Structures Tax Credit
				 program under R.I. Gen. Laws Chapter 44-33.2 must withdraw from said program
				 with respect to that project and forfeit any claims or redress against the
				 State attributable to that project made available under R.I. Gen. Laws Chapter
				 44-33.2.
C. Neither taxpayers nor
				 Assignees may apply any tax credits issued in accordance with R.I. Gen. Laws
				 Chapter 44-33.6 until on or after July 1, 2013.
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-20-20-6.12 - Timing and Reapplication

Current through June 14, 2024
A. Taxpayers shall
				 have twelve (12) months from the certification date of Part 2 Application to
				 commence Substantial Construction activities.
1. For this purpose, Substantial Construction
				 activities shall be deemed to have commenced upon receipt by the Division of
				 Taxation of all of the following:
a. Building
				 permit;
b. Executed construction
				 contract; and
c. Notice to proceed
				 issued to the contractor.
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-20-20-6.13 - Historic Tax Credit Apprenticeship Requirements

Current through June 14, 2024
A.
				 Notwithstanding any laws to the contrary, any credit allowed under R.I. Gen.
				 Laws Chapter 44-33.6 for Hard Construction Costs valued at ten million dollars
				 ($10,000,000) or more shall include a requirement that any contractor and
				 subcontractor working on the project shall have an apprenticeship program as
				 defined herein for all apprenticeable crafts that will be employed on the
				 project as determined at the time of bid. The Contract entered into with the
				 Division of Taxation shall contain a covenant to meet the requirements
				 §
										6.13     of this Part. At the time of review of the accountant's cost
				 certification, the Division of Taxation shall confirm with the Rhode Island
				 Department of Labor and Training that the project is/was in compliance with
				 §
										6.13     of this Part and shall not approve tax credits related to any QREs
				 disqualified due to the Apprenticeship Requirements under R.I. Gen. Laws §
										44-33.6-8.
				 The provisions of this §
										6.13     of this Part shall only apply to contractors
				 and subcontractors with five (5) or more employees. For purposes of R.I. Gen.
				 Laws Chapter 44-33.6, an apprenticeship program is one that is registered with
				 and approved by the United States Department of Labor in conformance with 29
				 C.F.R. § 29and  29 C.F.R. §
											30.
B. The Rhode Island Department of Labor and
				 Training must provide information and technical assistance to affected
				 governmental, quasi-governmental agencies, and any contractors awarded projects
				 relative to their obligations under R.I. Gen. Laws Chapter 44-33.6.
C. The Rhode Island Department of Labor and
				 Training may also impose a penalty on the developer of up to five hundred
				 dollars ($500) for each calendar day of noncompliance with R.I. Gen. Laws
				 §
										44-33.6-8,
				 as determined by the director of labor and training. Mere errors and/or
				 omissions shall not be grounds for imposing a penalty under this §
										6.13     of
				 this Part.
D. Any penalties
				 assessed under R.I. Gen. Laws Chapter 44-33.6 shall be paid to the Rhode Island
				 general fund and shall not be considered QREs.
E. To the extent that any of the provisions
				 contained in R.I. Gen. Laws §§
										37-13-3.1 or  37-13-3.2 conflict with the requirements for federal aid contracts, federal
				 law and regulations shall control.
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-20-20-6.14 - Information Requests

Current through June 14, 2024
A. The Division of
				 Taxation and its agents, for the purpose of ascertaining the correctness of any
				 credit claimed under the provisions of this chapter, may examine any books,
				 papers, records, or memoranda bearing upon the matters required to be included
				 in the return, report, or other statement, and may require the attendance of
				 the person executing the return, report, or other statement, or of any officer
				 or employee of any taxpayer, or the attendance of any other person, and may
				 examine the person under oath respecting any matter which the Tax Administrator
				 or his or her agent deems pertinent or material in determining the eligibility
				 for credits claimed and may request information from the Commission, and the
				 Commission shall provide the information in all cases, to the extent not
				 otherwise prohibited by statute.
B.
				 Submissions to the Rhode Island Division of Taxation shall include:
1. CPA cost Certification Report;
2. Rhode Island Form HTC-8016;
3. Schedule of all development costs -
				 qualified and non-qualified;
4.
				 Schedule of all documents filed with the Commission, including pictures;
				 and
5. Excel spreadsheet (or
				 similar program) containing all costs, qualified and nonqualified, associated
				 with the project. This spreadsheet shall:
a.
				 Be sorted and subtotaled by the historic cost categories as outlined on the
				 Rhode Island Form HTC-8016. Subtotals must agree with the line items on the
				 cost report.
b. All categories in
				 the cost report shall be itemized separately.
c. The detail shall include the vendor's
				 name, amount and date of each invoice. Copies of invoices may be
				 requested.
d. The spreadsheet shall
				 have columns for qualified and non-qualified costs.
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-20-20-6.15 - Reporting Requirements

Current through June 14, 2024
A. Each taxpayer
				 requesting certification of a completed Rehabilitation shall report to the
				 Commission and the Division of Taxation the following information:
1. The number of total jobs
				 created;
2. The number of Rhode
				 Island businesses retained for work;
3. The total amount of QREs;
4. The total cost of materials or products
				 purchased from Rhode Island businesses; and
5. Such other information deemed necessary by
				 the Tax Administrator.
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-20-20-6.16 - Historic Preservation Tax Credit Fund

Current through June 14, 2024
All Processing Fees collected pursuant to R.I. Gen. Laws
					 Chapter 44-33.6 after July 1, 2013 shall be deposited in a historic
					 preservation tax credit restricted receipt account within the historic
					 preservation tax credit fund, which shall be used, to the extent resources are
					 available, to refund or reimburse the state for any credits certified by the
					 Division of Taxation.
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-20-20-6.17 - Application Guidelines

Current through June 14, 2024
A. Certifications
				 of Significance and Rehabilitation - General.
1. Application. Request for designation of a
				 building as a Certified Historic Structure and of a proposed Rehabilitation
				 shall be made on the Historic Preservation Certification Application forms.
a. Part 1 of the application is used to
				 request certification of historic significance and is filed with the Commission
				 and shall contain such information as is required in §
												6.17(B)(2)     of this Part;
b. Part 2 of the
				 application is used to request certification of a proposed Rehabilitation plan
				 as meeting the Standards for Rehabilitation. Part 2 of the application must be
				 filed with and approved by the Commission prior to entering into a Contract
				 with the Division of Taxation and shall contain such information as is required
				 in §
												6.17(D)(1)     of this Part;
c. Part 3 of the
				 application is used to request certification of a completed Rehabilitation
				 project by the Commission;
d. The
				 Part 1, Part 2 and Part 3 applications are submitted to and reviewed by the
				 Commission;
e. In order to obtain
				 an Assignable Historic Preservation Tax Credit Certificate upon issuance by the
				 Commission of the Certificate of Completed Work, the Owner shall file the
				 Accountant's Certification with the Division of Taxation. The Owner shall also
				 file with the Division of Taxation a complete and fully documented Rhode Island
				 Form HTC-8016; and
f. The Owner
				 must also have entered into a Contract with the Division of Taxation and paid
				 the Processing Fee described in §
												6.9(D)     of
				 this Part in order to qualify for tax credits.
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-20-20-6.18 - Appeals

Current through June 14, 2024
A. From an action of the Commission. For
				 matters pertaining exclusively to application, and certification of historic
				 Rehabilitation projects, any Person aggrieved by a denial action of the
				 Commission shall notify the Commission in writing, within thirty (30) days from
				 the date of mailing of the notice of denial or revocation by the Commission,
				 and request a hearing relative to the denial or revocation. The Commission
				 shall, as soon as is practicable, fix a time and place of hearing. Following
				 the hearing, the Commission shall render a final decision. Appeals from a final
				 decision of the Commission shall be to the Rhode Island Superior Court pursuant
				 to R.I. Gen. Laws §
										42-35-15.
B. Relating to a denial of tax credit or any
				 portion thereof. Any Person aggrieved by the Division of Taxation's denial of a
				 tax credit or tax benefit under this program shall notify the Division of
				 Taxation in writing, within thirty (30) days from the date of mailing of the
				 notice of denial of the tax credit, and request a hearing relative to the
				 denial of the tax credit. The Division of Taxation shall, as soon as is
				 practicable, set a time and place for hearing, and shall render a final
				 decision. The final decision of the Division of Taxation shall be deemed a
				 final decision of the Tax Administrator. Appeals from a final decision of the
				 Tax Administrator shall be to the Rhode Island Sixth (6th) Division District
				 Court pursuant to R.I. Gen. Laws Chapter 8-8 et seq. The taxpayer's right to
				 appeal to the district court is expressly made conditional upon prepayment of
				 all taxes, interest, and penalties, unless the taxpayer files a timely motion
				 for exemption from prepayment with the district court in accordance with the
				 requirements imposed pursuant to R.I. Gen. Laws §
										8-8-26.
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 June 14, 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.