Increases historic tax credit to 30% and up to 35% based on rental area availability for multi-family housing and affordable rental units.

Rhode Island H8408 amends the historic preservation tax credit to increase the credit to 30% of contractor costs for labor, materials, equipment, and services. It further increases the credit to 35% if at least 80% of the total rental area of the certified historic structure is made available for multi-family housing, with 20% of rental units as affordable rental units or 10% of available units sold as affordable housing. The bill also sets a maximum project credit of $5 million for any certified rehabilitation project.

Increases historic tax credit to 30% and up to 35% based on rental area availability for multi-family housing and affordable rental units.

Rhode Island H8408 amends the historic preservation tax credit to increase the credit to 30% of contractor costs for labor, materials, equipment, and services. It further increases the credit to 35% if at least 80% of the total rental area of the certified historic structure is made available for multi-family housing, with 20% of rental units as affordable rental units or 10% of available units sold as affordable housing. The bill also sets a maximum project credit of $5 million for any certified rehabilitation project.