Rhode Island Code of Regulations › Title 280 - Department of Revenue › Chapter 20 - Division of Taxation › Subchapter 20 - TAX CREDITS/DEDUCTIONS › Part 3 - Historic Structures Tax Credit (280-RICR-20-20-3) › Section 280-RICR-20-20-3.8 - Assignment of Historic Preservation Investment Tax Credit

Current through June 14, 2024
A. Issuance of Assignable Historic
				 Preservation Investment Tax Credit Certificate to Owner, Initial Assignee, or
				 Participant. Upon approval by the Commission and the Tax Division of the
				 Substantial Rehabilitation of a Certified Historic Structure pursuant to this
				 Regulation, the Tax Division shall issue an Assignable Historic Preservation
				 Investment Tax Credit Certificate to the Owner or any eligible Initial
				 Certificates' holder. If the Owner or the Participant is a Pass-Through Entity,
				 or if there are multiple Owners, the Tax Division may issue an Assignable
				 Historic Preservation Investment Tax Credit Certificate to each Participant in
				 such Pass-Through Entity or each Owner, indicating on the face of such
				 Certificate(s) the amount of the Historic Preservation Investment Tax Credit
				 allocable to such Participant. The amount assigned to each Participant will be
				 the amount represented by the Applicant in the application for issuance of tax
				 credit certification.
B.
				 Determination of Amount of Credit allocated to Participants in Pass-Through
				 Entities. The amount allocated to each Participant on the Assignable Historic
				 Preservation Investment Tax Credit Certificate issued to such Participant must
				 be either in proportion to the number of Participants in the Owner or
				 determined in accordance with any allocation method set forth in an executed
				 agreement among all Participants, which may be without regarding to their
				 sharing of other tax or economic attributes of such entity (the Allocation
				 Agreement). The Tax Division shall have no obligation to confirm the amount
				 stated for each Participant in the Application for Completed Work or to review
				 the Allocation Agreement.
C.
				 Assignment of Certificate. An Assignable Historic Preservation Investment Tax
				 Credit Certificate may be assigned to any Person, whether or not such Person
				 has an ownership interest in the Certified Historic Structure, provided that no
				 Credit has been claimed based on the Assignable Historic Preservation
				 Investment Tax Credit Certificate being assigned. The Certificate may be
				 assigned by endorsing the assignment clause set forth on the Certificate and
				 delivery of the original certificate to the Assignee.
D. Assignee Recognition of Credit. The
				 Assignee may use the Historic Preservation Investment Tax Credit only to offset
				 the tax imposed for the taxable year in which the Certified Structure or an
				 identifiable portion thereof is Placed in Service, or for taxable years to
				 which the Credit is carried forward. The Assignee may apply the Historic
				 Preservation Investment Tax Credit against taxes imposed on the Assignee until
				 the end of the tenth (10th) calendar year after the year in which the
				 Substantial Rehabilitation is Placed-in Service or until the full Credit
				 assigned is used, whichever occurs first. Fiscal year Assignees may claim the
				 Credit until the expiration of the fiscal year that ends within the tenth
				 (10th) year after the year in which the Substantial Rehabilitation is
				 Placed-in-Service.
E. Filing with
				 Tax Return. An original executed copy of the Assignable Historic Preservation
				 Investment Tax Credit Certificate shall be attached to the tax return of the
				 Owner, Participant or Assignee who desires to claim the Credit. A Participant
				 of a Pass-Through Entity who transfers its interest in the entity must also
				 endorse and deliver the Assignable Historic Preservation Tax Credit Certificate
				 to the transferee if the transferee desires to claim the Historic Preservation
				 Investment Tax Credit.
F.
				 Notification of Assignment to Tax Division. An Assignor of all or any portion
				 of the Historic Preservation Investment Tax Credit, shall notify the Tax
				 Division in writing within thirty (30) calendar days following the effective
				 date of such assignment. Attached to such written notification (the
				 Notification of Assignment) shall be:
1. A
				 copy of the Assignable Historic Preservation Investment Tax Credit Certificate,
				 endorsed to the Assignee. The original Certificate shall not be included with
				 the Notification of Assignment, which must be retained by the Assignee and
				 attached to the Assignee's tax return for the year with respect to which the
				 Historic Preservation Investment Tax Credit is claimed.
2. A copy of the Certificate of Completed
				 Work issued by the Commission.
3.
				 The name, address and telephone number of the Assignor and of the
				 Assignee.
4. The taxpayer
				 identification number or social security number of the Assignor and the
				 Assignee.
5. For non-resident
				 corporations, partnerships, limited liability companies, or other entities, the
				 name and address of such entity's' registered agent in the State of Rhode
				 Island and evidence of qualification to do business in Rhode Island.