Establishes an affordable housing business tax credit and exempts renovation materials for affordable rental housing from sales tax.

Rhode Island H7396 creates an affordable housing business tax credit for firms investing in low-income rental housing. It also exempts materials used in renovating affordable rental housing from sales tax. The bill includes a ten-year freeze on the tax valuation of newly renovated affordable rental housing at pre-renovation levels. If the deed restriction is removed, any tax savings or credits issued are recaptured by the state. The bill takes effect upon passage.

Establishes an affordable housing business tax credit and exempts renovation materials for affordable rental housing from sales tax.

Rhode Island H7396 creates an affordable housing business tax credit for firms investing in low-income rental housing. It also exempts materials used in renovating affordable rental housing from sales tax. The bill includes a ten-year freeze on the tax valuation of newly renovated affordable rental housing at pre-renovation levels. If the deed restriction is removed, any tax savings or credits issued are recaptured by the state. The bill takes effect upon passage.