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-20-20-6.8 - Queuing Process

Current through June 14, 2024
A. In order to
				 comply with the requirements of §
										6.7(D)     of
				 this Part, the Division of Taxation has developed a "queuing" process, which is
				 an equitable process that will provide Applicants some degree of certainty as
				 to what credit amounts may be available to them at the conclusion of a project.
				 This queuing process shall consist of the following:
1. On or after August 1, 2013, any Person
				 intending to participate in the historic preservation tax credit 2013 program
				 must first apply to the Division of Taxation using basis as Form HTC-13. These
				 projects will be placed in sequence on a "first come, first served" further
				 described in §
											6.8(A)(7)     of
				 this Part below. Any application received before August 1, 2013 will be deemed
				 received on August 1, 2013. This sequence is also referred to within as the
				 "queue."
2. To remain eligible for
				 the tax credits, Applicants have ninety (90) days from the of date the Division
				 of Taxation's notice that credits are available for their project to apply for
				 Part 1 and Part 2 certification from the Commission. Failure to do so will
				 result in the loss of place in the queue and forfeiture of all rights, claims
				 and entitlements to the credits initially available to the project. The project
				 may reapply in accordance §
											6.8(A)(1)     of
				 this Part. At the time of reapplication the project will be placed at the end
				 of the queue. Any Part 1 or Part 2 certification received prior to August 1,
				 2013 must be re-certified by the Commission.
3. Within thirty (30) days after the date of
				 Part 2 certification, the Applicant shall pay to the Division of Taxation a
				 non-refundable Processing Fee equal to three percent (3%) of the estimated QREs
				 and shall execute the Contract with the Division of Taxation.
4. The estimated credit amount, as filed on
				 Form HTC-13, will not be allocated to any other project, unless the project:
a. Remains Idle; or
b. Declares in writing to the Division of
				 Taxation the Owner wishes to abandon its claim under R.I. Gen. Laws Chapter
				 44-33.6; or
c. Fails to meet the
				 deadlines as indicated in this Part; or
d. Fails to pay the appropriate Processing
				 Fee; or
e. Fails to timely enter
				 into a Contract with the Division of Taxation.
5. In order to maintain place in the queue, a
				 project shall commence Substantial Construction within twelve (12) months from
				 the date of the Part 2 certification letter, and cannot Remain Idle.
6. Upon the project's voluntary or
				 involuntary abandonment of tax credits, the estimated tax credit which
				 originally had been assigned to the project shall be released and made
				 available to other projects in sequence in the queue, subject to the sunset
				 provision in §
											6.25     of this Part.
7. If all available tax credits have been
				 allocated, a project applying for tax credits shall be put at the end of the
				 queue in the order of the date the application was received by the Division of
				 Taxation.
8. If multiple
				 applications are received by the Division of Taxation on the same day seeking
				 credits in excess of the amount of credits available, the Division of Taxation
				 shall hold a public drawing to determine the queuing order for such
				 projects.
9. Applications will be
				 deemed received on the date postmarked for delivery in the U.S. mail or on the
				 date delivered to the Division of Taxation by the taxpayer or his
				 representative, by messenger, or by an overnight delivery service.