§ 44-33.2-4 - Administration.
SECTION 44-33.2-4
§ 44-33.2-4 Administration. – (a) To claim the tax credit authorized in this chapter, taxpayers shall apply:(i) to the commission prior to the certified historic structure being placed inservice for a certification that the certified historic structure'srehabilitation will be consistent with the standards of the Secretary of theUnited States Department of the Interior for rehabilitation; and (ii) aftercompletion of the rehabilitation work to the certified historic structure: (A)to the commission for a certification that the rehabilitation is consistentwith the standards of the Secretary of the United States Department of theInterior for rehabilitation, and (B) to the division of taxation for acertification as to the amount of tax credit for which the rehabilitationqualifies. The commission and the division of taxation shall be entitled torely on the facts represented in the application without independentinvestigation and, with respect to the amount of tax credit for which therehabilitation qualifies, upon the certification of a certified publicaccountant licensed in the state of Rhode Island. The applications shall bedeveloped by the commission and the division of taxation and may be amendedfrom time to time.
(b) Within ninety (90) days after the commission's and thedivision of taxation's receipt of the taxpayer's application requestingcertification for the completed rehabilitation work, (i) the commission shallissue the taxpayer a written determination either denying or certifying therehabilitation, and (ii) the division of taxation shall issue a certificationof the amount of credit for which the rehabilitation qualifies. To claim thetax credit, the commission's and the division of taxation's certification as tothe amount of the tax credit shall be attached to all state tax returns onwhich the credit is claimed.
(c) No taxpayer may benefit from the provisions of thischapter unless the owner of the certified historic structure grants arestrictive covenant to the commission, agreeing that during the holding periodno alterations to the certified historic structure will be made without thecommission's approval and in a manner inconsistent with the standards of theSecretary of the United States Department of the Interior.
(d) The division of taxation shall charge a fee equal to twoand one quarter percent (2.25%) of the qualified rehabilitation expenditures ofstructures placed in service after July 31, 2005 and prior to January 1, 2008.The fee shall have been paid by May 15, 2008 for certified historicalstructures or some identifiable portion of a structure to qualify for thethirty percent (30%) tax credits under subsection 44-33.2-3(a). For certifiedhistorical structures or some identifiable portion of a structure placed inservice after December 31, 2007, the division of taxation shall charge a feeequal to three percent (3%), four percent (4%), or five percent (5%) of thequalified rehabilitation expenditures as contracted between the division oftaxation and the person, firm, partnership, trust, estate, limited liabilitycompany, corporation (whether for profit or non-profit) or other businessentity that incurs qualified rehabilitation expenditures for the substantialrehabilitation of certified historic structures or some identifiable portion ofa structure to be placed in service after December 31, 2007; provided furtherthat two and one quarter percent (2.25%) of the qualified rehabilitationexpenditures shall be paid by May 15, 2008 with the remaining percent to bepaid by March 5, 2009. Payments made after March 5, 2009 shall accrue interestas set forth in § 44-1-7.
(e) If information comes to the attention of the commissionor the division of taxation at any time up to and including the last day of theholding period that is materially inconsistent with representations made in anapplication, the commission or the division of taxation may deny the requestedcertification, revoke a certification previously given or terminate thecontract, with any processing fees paid to be forfeited.
(f) The general assembly hereby finds that the state's fiscalbudgetary crisis is of such a nature to cause immediate peril to the publichealth, safety or welfare that any regulations promulgated by the division oftaxation or the Rhode Island historical preservation and heritage commission infurtherance of this chapter must be promulgated as emergency regulationspursuant to subsection 42-35-3(b).