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-20-20-3.11 - Miscellaneous

Current through June 14, 2024
A. Administration and Examination of Records
				 - Tax Division. The Tax Division and its agents, for the purpose of
				 ascertaining the correctness of any Credit claimed under the Act, may examine
				 any books, paper, 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
				 Division or its agents deems pertinent or material in determining eligibility
				 for Credits claimed, and may request information from the Commission, and the
				 Commission shall provide such information in all cases, to the extent not
				 otherwise prohibited by statute.
B.
				 Commission's and Tax Division's Inspection Rights. The Commission or the Tax
				 Division shall have the right at reasonable times to make an inspection and to
				 enter upon any property that is the subject of an application for
				 certification, whether the Rehabilitation is proposed, ongoing, or completed,
				 and for the entire Holding Period following issuance of a Certificate of
				 Completed Work, to verify that the Rehabilitation is as represented and that no
				 unpermitted alterations or changes are made after issuance of a Certificate of
				 Completed Work.
C. Commission's and
				 Tax Division's Right to Deny or Revoke Credit. If information comes to the
				 attention of the Commission 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 may deny the requested certification or revoke a
				 certification previously given. If information comes to the attention of the
				 Tax Division at any time up to and including the last day of the Holding Period
				 that is materially inconsistent with representations made in the Accountant's
				 Certification or any supporting materials, the Tax Division may revoke the
				 Assignable Historic Tax Credit Certificate and cancel a Contract for tax
				 credits and any Processing Fees paid thereunder shall be forfeited. If any tax
				 credits have been claimed by any taxpayer based on an Assignable Historic
				 Preservation Tax Credit Certificate that has been revoked or a Contract that
				 has been canceled, the Owner who filed the Accountant's Certification shall pay
				 to the Tax Division an amount equal to the Tax Credit claimed. There shall be
				 no adjustment to the tax credit claimed by the taxpayer if a taxpayer acquired
				 the Assignable Historic Tax Credit Certificate, directly or indirectly, from
				 the Owner or a Participant in the Owner without notice of the materially
				 inconsistent information upon which the Certificate or Contract has been
				 revoked.
D. Election among credits
1. Taxpayers who elect to claim Credits under
				 the Act are ineligible for any tax credits that may also be available to the
				 taxpayer for the Rehabilitation of that particular Certified Historic Structure
				 under R.I. Gen. Laws Chapters 44-33.1, 42-64.7, and/or 44-31.