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.
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