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

Rhode Island S3151 amends the historic preservation tax credit program to increase the tax credit to 30% of qualified rehabilitation expenditures for certified historic structures. If at least 80% of the rental area is for multi-family housing, the credit increases to 35%. The bill also sets a maximum project credit of $15 million and an aggregate credit limit of $225 million. It includes provisions for tax credit assignment, transfer, and recapture, and mandates compliance with prevailing wage requirements. The changes take effect upon passage.

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

Rhode Island S3151 amends the historic preservation tax credit program to increase the tax credit to 30% of qualified rehabilitation expenditures for certified historic structures. If at least 80% of the rental area is for multi-family housing, the credit increases to 35%. The bill also sets a maximum project credit of $15 million and an aggregate credit limit of $225 million. It includes provisions for tax credit assignment, transfer, and recapture, and mandates compliance with prevailing wage requirements. The changes take effect upon passage.