2015 -- H 5886

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LC002124

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

____________

A N   A C T

RELATING TO TAXATION -- HISTORIC STRUCTURES

     Introduced By: Representatives Tobon, Blazejewski, Barros, Melo, and Casey

     Date Introduced: March 13, 2015

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 44-33.6 of the General Laws entitled "Historic Preservation Tax

Credits 2013" is hereby repealed in its entirety.

CHAPTER 44-33.6

Historic Preservation Tax Credits 2013

     44-33.6-1. Declaration of purpose. -- The general assembly finds and declares that

Rhode Island's historic structures continue to experience high vacancy rates and physical

deterioration, particularly in Rhode Island's central business districts. Without adding economic

incentive, these structures are not viable for the redevelopment and reuse by modern commercial,

residential or manufacturing enterprises and will continue their physical deterioration. The

redevelopment and reuse of these historic structures are of critical importance to the economic

measures and will assist in stimulating the reuse and redevelopment of historic structures and will

improve property values, foster civic beauty, create employment opportunities, enhance

commerce, and promote public education, pleasure, and welfare. Furthermore, during this

unprecedented economic climate, many in the building and construction trades, and related

service industries, have been severely impacted. The redevelopment and reuse of these historic

structures will serve as a vital catalyst in the recovery of these trades and services, in addition to

stimulating various other related economic benefits and business activities. The purpose of this

chapter is to create economic incentives for the purpose of stimulating the redevelopment and

reuse of Rhode Island's historic structures, as well as to generate the positive economic and

employment activities that will result from such redevelopment and reuse.

     44-33.6-2. Definitions. -- As used in this chapter:

      (1) "Certified historic structure" means a property which is located in the state of Rhode

Island and is:

      (i) Listed individually on the national register of historic places; or

      (ii) Listed individually in the state register of historic places; or

      (iii) Located in a registered historic district and certified by either the commission or

Secretary of the Interior as being of historic significance to the district.

      (2) "Certified rehabilitation" means any rehabilitation of a certified historic structure

consistent with the historic character of such property or the district in which the property is

located as determined by the commission guidelines.

      (3) "Substantial Construction" means that: (i) the owner of a certified historic structure

has entered into a contract with the division of taxation and paid the processing fee; (ii) the

commission has certified that the certified historic structure's rehabilitation will be consistent with

the standards set forth in this chapter; and (iii) the owner has expended ten percent (10%) of its

qualified rehabilitation expenditures, estimated in the contract entered into with the division of

taxation for the project or its first phase of a phased project.

      (4) "Commission" means the Rhode Island historical preservation and heritage

commission created pursuant to § 42-45-2.

      (5) "Exempt from real property tax" means, with respect to any certified historic

structure, that the structure is exempt from taxation pursuant to § 44-3-3.

      (6) "Hard construction costs" means the direct contractor costs for labor, material,

equipment, and services associated with an approved project, contractors overhead and profit, and

other direct construction costs.

      (7) "Holding period" means twenty-four (24) months after the commission issues a

certificate of completed work to the owner. In the case of a rehabilitation which may reasonably

be expected to be completed in phases as described in subdivision (15) of this section, "holding

period" shall be extended to include a period of time beginning on the date of issuance of a

certificate of completed work for the first phase or phases for which a certificate of completed

work is issued and continuing until the expiration of twenty-four (24) months after the certificate

of completed work issued for the last phase.

      (8) "Part 2 application" means the Historic Preservation Certification Application Part 2-

Description of Rehabilitation.

      (9) "Placed in service" means that substantial rehabilitation work has been completed

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which would allow for occupancy of the entire structure or some identifiable portion of the

structure, as established in the Part 2 application.

      (10) "Principal residence" means the principal residence of the owner within the meaning

of section 121 of the Internal Revenue Code [26 U.S.C. 121]or any successor provision.

      (11) "Qualified rehabilitation expenditures" means any amounts expended in the

rehabilitation of a certified historic structure properly capitalized to the building and either:

      (i) Depreciable under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or

      (ii) Made with respect to property (other than the principal residence of the owner) held

for sale by the owner. Fees paid pursuant to this chapter are not qualified rehabilitation

expenditures. Notwithstanding the foregoing, except in the case of a nonprofit corporation, there

will be deducted from qualified rehabilitation expenditures for the purposes of calculating the tax

credit any funds made available to the person (including any entity specified in section 44-33.5-

3(a)) incurring the qualified rehabilitation expenditures in the form of a direct grant from a

federal, state or local governmental entity or agency or instrumentality of government.

      (12) "Registered historic district" means any district listed in the national register of

historic places or the state register of historic places.

      (13) "Remain idle" means that substantial work has ceased at the subject project; work

crews have been reduced by more than twenty-five percent (25%) for reasons unrelated to

scheduled completion of work in accordance with the project schedule, reasonably unanticipated

physical conditions, or force majeure; or the project schedule that was originally submitted by the

taxpayer to the commission has been extended by more than twelve (12) months for reasons other

than reasonably unanticipated physical conditions or an event of force majeure (by way of

example, and not in limitation, any delays, work stoppage, or work force reduction caused by

issues with project funding, finances, disputes, or violation of laws shall be deemed to cause a

project to remain idle).

      (14) "Scattered Site Development" means a development project for which the developer

seeks unified financing to rehabilitate dwelling units in two (2) or more buildings located in an

area that is defined by a neighborhood revitalization plan and is not more than one mile in

diameter.

      (15) "Social club" means a corporation or other entity and/or its affiliate that offers its

facilities primarily to members for social or recreational purposes and the majority source of its

revenue is from funds and/or dues paid by its members and/or an entity defined as a social club

pursuant to the Internal Revenue Code section 501(c)(7).

      (16) "Substantial rehabilitation" means, with respect to a certified historic structure, that

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the qualified rehabilitation expenses of the building during the twenty-four (24) month period

selected by the taxpayer ending with or within the taxable year exceed the adjusted basis in such

building and its structural components as of the beginning of such period. In the case of any

rehabilitation, which may reasonably be expected to be completed in phases set forth in

architectural plans and specifications completed before the rehabilitation begins, the above

definition shall be applied by substituting "sixty (60) month period" for "twenty-four (24) month

period".

      (17) "Trade or business" means an activity that is carried on for the production of income

from the sale or manufacture of goods or performance of services, excluding residential rental

activity.

     44-33.6-3. Tax credit. -- (a) Subject to the maximum credit provisions set forth in

subsections (c) and (d) below, any person, firm, partnership, trust, estate, limited liability

company, corporation (whether for profit or nonprofit) or other business entity that incurs

qualified rehabilitation expenditures for the substantial rehabilitation of a certified historic

structure, provided the rehabilitation meets standards consistent with the standards of the

Secretary of the United States Department of the Interior for rehabilitation as certified by the

commission and said person, firm, partnership, trust, estate, limited liability company,

corporation or other business entity is not a social club as defined in subdivision 44-33.6-2(13) of

this chapter, shall be entitled to a credit against the taxes imposed on such person or entity

pursuant to chapter 11, 12, 13, 14, 17 or 30 of this title in an amount equal to the following:

      (1) Twenty percent (20%) of the qualified rehabilitation expenditures; or

      (2) Twenty-five percent (25%) of the qualified rehabilitation expenditures provided that

either:

      (i) At least twenty-five percent (25%) of the total rentable area of the certified historic

structure will be made available for a trade or business; or

      (ii) The entire rentable area located on the first floor of the certified historic structure

will be made available for a trade or business.

      (b) Tax credits allowed pursuant to this chapter shall be allowed for the taxable year in

which such certified historic structure or an identifiable portion of the structure is placed in

service provided that the substantial rehabilitation test is met for such year.

      (c) Maximum project credit. - The credit allowed pursuant to this chapter shall not

exceed five million dollars ($5,000,000) for any certified rehabilitation project under this chapter.

No building to be completed in phases or in multiple projects shall exceed the maximum project

credit of five million dollars ($5,000,000) for all phases or projects involved in the rehabilitation

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of such building.

      (d) Maximum aggregate credits. - The aggregate credits authorized to be reserved

pursuant to this chapter shall not exceed sums estimated to be available in the historic

preservation tax credit trust fund pursuant to this chapter.

      (e) Subject to the exception provided in subsection (g) of this section, if the amount of

the tax credit exceeds the taxpayer's total tax liability for the year in which the substantially

rehabilitated property is placed in service, the amount that exceeds the taxpayer's tax liability may

be carried forward for credit against the taxes imposed for the succeeding ten (10) years, or until

the full credit is used, whichever occurs first for the tax credits. Credits allowed to a partnership, a

limited liability company taxed as a partnership or multiple owners of property shall be passed

through to the persons designated as partners, members or owners respectively pro rata or

pursuant to an executed agreement among such persons designated as partners, members or

owners documenting an alternate distribution method without regard to their sharing of other tax

or economic attributes of such entity. Credits may be allocated to partners, members or owners

that are exempt from taxation under section 501(c)(3), section (c)(4) or section 501(c)(6) of the

U.S. Code and these partners, members or owners must be treated as taxpayers for purposes of

this section.

      (f) If the taxpayer has not claimed the tax credits in whole or part, taxpayers eligible for

the tax credits may assign, transfer or convey the credits, in whole or in part, by sale or otherwise

to any individual or entity, including, but not limited to, condominium owners in the event the

certified historic structure is converted into condominiums and assignees of the credits that have

not claimed the tax credits in whole or part may assign, transfer or convey the credits, in whole or

in part, by sale or otherwise to any individual or entity. The assignee of the tax credits may use

acquired credits to offset up to one hundred percent (100%) of the tax liabilities otherwise

imposed pursuant to chapter 11, 12, 13, (other than the tax imposed under § 44-13-13), 14, 17 or

30 of this title. The assignee may apply the tax credit against taxes imposed on the assignee until

the end of the tenth calendar year after the year in which the substantially rehabilitated property is

placed in service or until the full credit assigned is used, whichever occurs first. Fiscal year

assignees may claim the credit until the expiration of the fiscal year that ends within the tenth

year after the year in which the substantially rehabilitated property is placed in service. The

assignor shall perfect the transfer by notifying the state of Rhode Island division of taxation, in

writing, within thirty (30) calendar days following the effective date of the transfer and shall

provide any information as may be required by the division of taxation to administer and carry

out the provisions of this section.

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      For purposes of this chapter, any assignment or sales proceeds received by the taxpayer

for its assignment or sale of the tax credits allowed pursuant to this section shall be exempt from

this title. If a tax credit is subsequently recaptured under this chapter, revoked or adjusted, the

seller's tax calculation for the year of revocation, recapture, or adjustment shall be increased by

the total amount of the sales proceeds, without proration, as a modification under chapter 30 of

this title. In the event that the seller is not a natural person, the seller's tax calculation under

chapters 11, 12, 13 (other than with respect to the tax imposed under § 44-13-13), 14, 17, or 30 of

this title, as applicable, for the year of revocation, recapture, or adjustment, shall be increased by

including the total amount of the sales proceeds without proration.

      (g) Credits allowed to partners, members or owners that are exempt from taxation under

section 501(c)(3), section (c)(4) or section 501(c)(6) of the U.S. Code, and only said credits, shall

be fully refundable.

      (h) Substantial rehabilitation of property that either:

      (1) Is exempt from real property tax;

      (2) Is a social club; or

      (3) Consists of a single family home or a property that contains less than three (3)

residential apartments or condominiums shall be ineligible for the tax credits authorized under

this chapter; provided, however, a scattered site development with five (5) or more residential

units in the aggregate (which may include single family homes) shall be eligible for tax credit. In

the event a certified historic structure undergoes a substantial rehabilitation pursuant to this

chapter and within twenty-four (24) months after issuance of a certificate of completed work the

property becomes exempt from real property tax, the taxpayer's tax for the year shall be increased

by the total amount of credit actually used against the tax.

      (i) In the case of a corporation, this credit is only allowed against the tax of a corporation

included in a consolidated return that qualifies for the credit and not against the tax of other

corporations that may join in the filing of a consolidated tax return.

     44-33.6-4. Administration. -- (a) To claim the tax credit authorized in this chapter,

taxpayers shall apply:

      (1) To the commission prior to the certified historic structure being placed in service for

a certification that the certified historic structure's rehabilitation will be consistent with the

standards of the Secretary of the United States Department of the Interior for rehabilitation;

      (2) To the commission after completion of the rehabilitation work of the certified historic

structure for a certification that the rehabilitation is consistent with the standards of the Secretary

of the United States Department of the Interior for rehabilitation; and

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      (3) To the division of taxation after completion of the rehabilitation work of the certified

historic structure for a certification as to the amount of tax credit for which the rehabilitation

qualifies. The commission and the division of taxation may rely on the facts represented in the

application without independent investigation and, with respect to the amount of tax credit for

which the rehabilitation qualifies, upon the certification of a certified public accountant licensed

in the state of Rhode Island. The applications shall be developed by the commission and the

division of taxation and may be amended from time to time.

      (b) Within thirty (30) days after the commission's and division of taxation's receipt of the

taxpayer's application requesting certification for the completed rehabilitation work:

      (1) The commission shall issue the taxpayer a written determination either denying or

certifying the rehabilitation; and

      (2) Division of taxation shall issue a certification of the amount of credit for which the

rehabilitation qualifies. To claim the tax credit, the division of taxation's certification as to the

amount of the tax credit shall be attached to all state tax returns on which the credit is claimed.

      (c) No taxpayer may benefit from the provisions of this chapter unless the owner of the

certified historic structure grants a restrictive covenant to the commission, agreeing that during

the holding period no material alterations to the certified historic structure will be made without

the commission's prior approval and agreeing that such shall be done in a manner consistent with

the standards of the Secretary of the United States Department of the Interior; and, in the event

the owner applies for the twenty-five percent (25%) tax credit, that either:

      (1) At least twenty-five percent (25%) of the total rentable area of the certified historic

structure will be made available for a trade or business; or

      (2) The entire rentable area located on the first floor of the certified historic structure will

be made available for a trade or business, in either case, for a period of sixty (60) months after the

placed in service date of the certified historic structure or identifiable portion thereof.

      (d) The division of taxation shall charge a fee equal to three percent (3%) of qualified

rehabilitation expenditures. The fee shall be payable upon submission of the Part 2 application.

The fee shall be non-refundable.

      (e) Notwithstanding any provisions of the general laws or regulations adopted thereunder

to the contrary, including, but not limited to, the provisions of chapter 2 of title 37, the division of

taxation is hereby expressly authorized and empowered to enter into contracts with persons,

firms, partnerships, trusts, estates, limited liability companies, corporations (whether for profit or

nonprofit) or other business entities that incur qualified rehabilitation expenditures for the

substantial rehabilitation of certified historic structures or some identifiable portion of a structure.

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Upon payment of the portion of the fee set forth in subdivision (d) above, the division of taxation

and the applicant shall enter into a contract for tax credits consistent with the terms and

provisions of this chapter.

      (f) Upon satisfaction of the requirements set forth herein and the payment of the fees as

set forth in subdivision (d) above, the division of taxation shall, on behalf of the State of Rhode

Island, guarantee the delivery of one hundred percent (100%) of the tax credit and use of one

hundred percent (100%) of the tax credit in the tax year a certified historic structure is placed in

service through a contract with persons, firms, partnerships, trusts, estates, limited liability

companies, corporations (whether for profit or nonprofit) or other business entities that will incur

qualified rehabilitation expenditures for the substantial rehabilitation of a certified historic

structure or some identifiable portion of a structure.

      (g) Any contract executed pursuant to this chapter by a person, firm, partnership, trust,

estate, limited liability company, corporation (whether for profit or nonprofit) or other business

entity shall be assignable to:

      (1) An affiliate thereof without any consent from the division of taxation;

      (2) A banking institution as defined by subdivision 44-14-2(2) or credit union as defined

in subdivision 44-15-1.1(1) without any consent from the division of taxation; or

      (3) A person, firm, partnership, trust, estate, limited liability company, corporation

(whether for profit or nonprofit) or other business entity that incurs qualified rehabilitation

expenditures for the substantial rehabilitation of certified historic structures or some identifiable

portion of a structure, with such assignment to be approved by the division of taxation, which

approval shall not be unreasonably withheld or conditioned. For purposes of this subsection,

"affiliate" shall be defined as any entity controlling, controlled by or under common control with

such person, firm, partnership, trust, estate, limited liability company, corporation (whether for

profit or nonprofit) or other business entity.

      (h) If information comes to the attention of the commission or division of taxation at any

time up to and including the last day of the holding period that is materially inconsistent with

representations made in an application, the commission may deny the requested certification or

revoke a certification previously given, and in either instance all fees paid by the applicant shall

be deemed forfeited. In the event that tax credits or a portion of tax credits are subject to

recapture for ineligible costs and such tax credits have been transferred, assigned and/or

allocated, the state will pursue its recapture remedies and rights against the applicant of the tax

credits, and all fees paid by the applicant shall be deemed forfeited. No redress shall be sought

against assignees, transferees or allocates of such credits provided they acquired the tax credits by

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way of an arms-length transaction, for value, and without notice of violation, fraud or

misrepresentation.

      (i) The commission, in consultation with the division of taxation, shall promulgate such

rules and regulations as are necessary to carry out the intent and purpose of this chapter.

     44-33.6-5. Information requests. -- The tax division and its agents, for the purpose of

ascertaining the correctness of any credit claimed under the provisions of this chapter, may

examine any books, papers, records, or memoranda bearing upon the matters required to be

included in the return, report, or other statement, and may require the attendance of the person

executing the return, report, or other statement, or of any officer or employee of any taxpayer, or

the attendance of any other person, and may examine the person under oath respecting any matter

which the tax administrator or his or her agent deems pertinent or material in determining the

eligibility for credits claimed and may request information from the commission, and the

commission shall provide the information in all cases, to the extent not otherwise prohibited by

statute.

     44-33.6-6. Election; Limitations. -- Taxpayers who elect and qualify to claim tax credits

for the substantial rehabilitation of a certified historic structure pursuant to this chapter are

ineligible for any tax credits that may also be available to the taxpayer for the substantial

rehabilitation of that particular certified historic structure under the provisions of chapters 33.1 of

this title, 64.7 of title 42, and/or 31 of this title. Neither taxpayers nor assignees may apply any

tax credits issued in accordance with this section until fiscal year 2014.

     44-33.6-7. Timing and reapplication. -- Taxpayers shall have twelve (12) months from

the approval of Part 2 application to commence substantial construction activities related to the

subject substantial rehabilitation. Upon commencing substantial construction activities, the

taxpayer shall submit an affidavit of commencement of substantial construction to the

commission, together with evidence of such requirements having been satisfied. Furthermore,

after commencement of substantial construction activities, no project shall remain idle prior to

completion for a period of time exceeding six (6) months. In the event that a taxpayer does not

commence substantial construction activities within twelve (12) months from the approval of Part

2 application, or in the event that a project remains idle prior to completion for a period of time

exceeding six (6) months, the subject taxpayer shall forfeit all fees paid prior to such date and its

then-current contract for tax credits shall be deemed null and void, and shall terminate without

need for further action or documentation. Upon any such forfeiture and termination, a taxpayer

may re-apply for tax credits pursuant to this chapter, however, notwithstanding anything

contained herein to the contrary, one hundred percent (100%) of the fees required shall be paid

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upon reapplication and such fees shall be non-refundable. Additionally, any taxpayer reapplying

for tax credits pursuant to this § 44-33.6-7 shall be required to submit evidence with its

application establishing the reason for delay in commencement or the project sitting idle, as the

case may be, and provide evidence, reasonably satisfactory to the commission, that such

condition or event causing same has been resolved. All taxpayers shall submit a reasonably

detailed project timeline to the commission together with the Part 2 application. The provisions of

this section shall be further detailed and incorporated into the form of contract for tax credits used

in connection with this chapter.

     44-33.6-8. Historic tax credit apprenticeship requirements. -- (a) Notwithstanding any

laws to the contrary, any credit allowed under this chapter for hard construction costs valued at

ten million dollars ($10,000,000) or more shall include a requirement that any contractor and

subcontractor working on the project shall have an apprenticeship program as defined herein for

all apprenticeable crafts that will be employed on the project at the time of bid. The provisions of

the section shall only apply to contractors and subcontractors with five (5) or more employees.

For purposes of this section, an apprenticeship program is one that is registered with and

approved by the United States department of labor in conformance with 29 C.F.R. 29 and 29

C.F.R. 30; and

      (b) The department of labor and training must provide information and technical

assistance to affected governmental, quasi-governmental agencies, and any contractors awarded

projects relative to their obligations under this statute.

      (c) The department of labor and training may also impose a penalty of up to five hundred

dollars ($500) for each calendar day of noncompliance with this section, as determined by the

director of labor and training. Mere errors and/or omissions shall not be grounds for imposing a

penalty under this subsection.

      (d) Any penalties assessed under this statute shall be paid to the general fund.

      (e) To the extent that any of the provisions contained in § 37-13-3.2 conflict with the

requirements for federal aid contracts, federal law and regulations shall control.

     44-33.6-9. Reporting requirements. -- (a) Each taxpayer requesting certification of a

completed rehabilitation shall report to the commission and the division of taxation the following

information:

      (1) The number of total jobs created;

      (2) The number of Rhode Island businesses retained for work;

      (3) The total amount of qualified rehabilitation expenditures;

      (4) The total cost of materials or products purchased from Rhode Island businesses;

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      (5) Such other information deemed necessary by the tax administrator.

      (b) Any agreements or contracts entered into under this chapter by the division, the

commission, or the economic development corporation and the taxpayer shall be sent to the

division of taxation and be available to the public for inspection by any person and shall be

published by the tax administrator on the tax division website.

      (c) By August 15th of each year the division of taxation shall report the name, address,

and amount of tax credit received for each credit recipient during the previous state fiscal year to

the governor, the chairpersons of the house and senate finance committees, the house and senate

fiscal advisors, and the department of labor and training. This report shall be available to the

public for inspection by any person and shall be published by the tax administrator on the tax

division website.

      (d) By September 1st of each year the division of taxation shall report in the aggregate

the information required under subsection 44-33.6-9(a). This report shall be available to the

public for inspection by any person and shall be published by the tax administrator on the tax

division website.

      (e) By September 1, 2018 and biennially thereafter the division of taxation shall report in

the aggregate the total number of approved projects, project costs, and associated amount of

approved tax credits.

     44-33.6-10. Historic preservation tax credit trust fund. -- All processing fees collected

pursuant to this chapter after July 1, 2013 shall be deposited in a historic preservation tax credit

restricted receipt account within the historic preservation tax credit trust fund, which shall be

used, to the extent resources are available, to refund or reimburse the state for any credits certified

by the division of taxation.

     44-33.6-11. Sunset. -- No credits shall be authorized to be reserved pursuant to this

chapter on or after June 30, 2016 or upon the exhaustion of the maximum aggregate credits,

whichever comes first.

     SECTION 2. Title 44 of the General Laws entitled "TAXATION" is hereby amended by

adding thereto the following chapter:

CHAPTER 33.7

HISTORIC PRESERVATION TAX CREDITS ACT OF 2015

     44-33.7-1. Declaration of purpose. -- The general assembly finds and declares that

Rhode Island's historic structures continue to experience high vacancy rates and physical

deterioration, particularly in Rhode Island's central business districts. Without adding economic

incentive, these structures are not viable for the redevelopment and reuse by modern commercial,

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residential, or manufacturing enterprises, and will continue their physical deterioration. The

redevelopment and reuse of these historic structures are of critical importance to the economic

measures and will assist in stimulating the reuse and redevelopment of historic structures and will

improve property values, foster civic beauty, create employment opportunities, enhance

commerce, and promote public education, pleasure, and welfare. Furthermore, during this

unprecedented economic climate, many in the building and construction trades, and related

service industries, have been severely impacted. The redevelopment and reuse of these historic

structures will serve as a vital catalyst in the recovery of these trades and services, in addition to

stimulating various other related economic benefits and business activities. The purpose of this

chapter is to create economic incentives for the purpose of stimulating the redevelopment and

reuse of Rhode Island's historic structures, as well as to generate the positive economic and

employment activities that will result from such redevelopment and reuse.

     44-33.7-2. Definitions. – As used in this chapter:

     (1) "Certified historic structure" means a property which is located in the state of Rhode

Island and is:

     (i) Listed individually on the national register of historic places; or

     (ii) Listed individually in the state register of historic places; or

     (iii) Located in a registered historic district and certified by either the commission or

Secretary of the United States Department of the Interior as being of historic significance to the

district.

     (2) "Certified rehabilitation" means any rehabilitation of a certified historic structure

consistent with the historic character of such property or the district in which the property is

located as determined by the commission guidelines.

     (3) "Commence substantial construction activities" means that:

     (i) Contracts for construction activities equal to no less than ten percent (10%) of the total

project budget have been awarded to bona fide third-party contractors, subcontractors, and/or

material men (soft costs shall not qualify for the purposes of this requirement) with such work

having been authorized for commencement;

     (ii) All permits and approvals required in connection with the construction activities

provided for in the contracts awarded pursuant to subsection (c)(i) of this section have been

obtained; and

     (iii) Substantial construction activities have commenced at the subject property beyond

mere site preparation activities, staging and/or storage or materials.

     (4) "Commission" means the Rhode Island historical preservation and heritage

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commission created pursuant to § 42-45-2.

     (5) "Exempt from real property tax" means, with respect to any certified historic

structure, that the structure is exempt from taxation pursuant to § 44-3-3.

     (6) "Holding period" means twenty-four (24) months after the commission issues a

certificate of completed work to the owner. In the case of a rehabilitation which may reasonably

be expected to be completed in phases as described in subsection (14) of this section, "holding

period" shall be extended to include a period of time beginning on the date of issuance of a

certificate of completed work for the first phase or phases for which a certificate of completed

work is issued and continuing until the expiration of twenty-four (24) months after the certificate

of completed work issued for the last phase.

     (7) "Placed in service" means that substantial rehabilitation work has been completed

which would allow for occupancy of the entire structure or some identifiable portion of the

structure, or the owner has commenced depreciation of the qualified rehabilitation expenditures,

whichever occurs first.

     (8) "Principal residence" means the principal residence of the owner within the meaning

of § 121 of the Internal Revenue Code [26 U.S.C. 121] or any successor provision.

     (9) "Qualified rehabilitation expenditures" or "QREs" means any amounts expended in

the rehabilitation of a certified historic structure properly capitalized to the building and either:

     (i) Depreciable under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or

     (ii) Made with respect to property (other than the principal residence of the owner) held

for sale by the owner. Fees paid pursuant to this chapter are not qualified rehabilitation

expenditures. Notwithstanding the foregoing, except in the case of a nonprofit corporation, there

will be deducted from qualified rehabilitation expenditures for the purposes of calculating the tax

credit any funds made available to the person (including any entity specified in § 44-33.6-3(a))

incurring the qualified rehabilitation expenditures in the form of a direct grant from a federal,

state or local governmental entity or agency or instrumentality of government.

     (10) "Registered historic district" means any district listed in the national register of

historic places, or the state register of historic places.

     (11) "Remain idle" means that work crews have been reduced by more than twenty-five

percent (25%) for reasons unrelated to scheduled completion of work in accordance with the

project schedule, reasonably unanticipated physical conditions, or force majeure; or the project

schedule that was originally submitted by the taxpayer to the commission has been extended by

more than twelve (12) months for reasons other than reasonably unanticipated physical conditions

or an event of force majeure (by way of example, and not in limitation, any delays, work

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stoppage, or work force reduction caused by issues with project funding, finances, disputes, or

violation of laws shall be deemed to cause a project to remain idle).

     (12) "Scattered site development" means a development project for which the developer

seeks unified financing to rehabilitate dwelling units in two (2) or more buildings located in an

area that is defined by a neighborhood revitalization plan and is not more than one mile in

diameter.

     (13) "Social club" means a corporation or other entity and/or its affiliate that offers its

facilities primarily to members for social or recreational purposes and the majority source of its

revenue is from funds and/or dues paid by its members and/or an entity defined as a social club

pursuant to the Internal Revenue Code section 501(c)(7).

     (14) "Substantial rehabilitation" means, with respect to a certified historic structure, that

the qualified rehabilitation expenses of the building during the twenty-four (24) month period

selected by the taxpayer ending with or within the taxable year exceed fifty percent (50%) of the

adjusted basis in such building and its structural components as of the beginning of such period.

In the case of any rehabilitation, which may reasonably be expected to be completed in phases set

forth in architectural plans and specifications completed before the rehabilitation begins, the

above definition shall be applied by substituting "sixty (60) month period" for "twenty-four (24)

month period".

     (15) "Trade or business" means an activity that is carried on for the production of income

from the sale of goods or performance of services, excluding residential rental activity.

     44-33.7-3. Tax credit. -- (a) Any person, firm, partnership, trust, estate, limited liability

company, corporation (whether for profit or nonprofit) or other business entity that incurs

qualified rehabilitation expenditures for the substantial rehabilitation of a certified historic

structure, provided the rehabilitation meets standards consistent with the standards of the

Secretary of the United States Department of the Interior for rehabilitation as certified by the

commission and said person, firm, partnership, trust, estate, limited liability company,

corporation or other business entity is not a social club as defined in § 44-33.7-2(13) of this

chapter, shall be entitled to a credit against the taxes imposed on such person or entity pursuant to

chapters 11, 12, 13 (other than the tax imposed under § 44-13-13), 14, 17 or 30 of this title in an

amount equal to the following:

     (1) Twenty percent (20%) of the qualified rehabilitation expenditures; or

     (2) Twenty-five percent (25%) of the qualified rehabilitation expenditures provided that

either:

     (i) At least twenty-five percent (25%) of the total rentable area of the certified historic

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structure will be made available for a trade or business; or

     (ii) The entire rentable area located on the first floor of the certified historic structure will

be made available for a trade or business; in either case for a period of sixty (60) months after the

placed in service date of the certified historic structure or identifiable portion thereof.

     (b) Tax credits allowed pursuant to this chapter shall be allowed for the taxable year in

which such certified historic structure or an identifiable portion of the structure is placed in

service provided that the substantial rehabilitation test is met for such year. Notwithstanding

anything to the contrary, tax credits allowed pursuant to this chapter for fiscal years prior to 2015

may not be claimed until the taxpayer's tax year ending within fiscal year 2015.

     (c) If the amount of the tax credit exceeds the taxpayer's total tax liability for the year in

which the substantially rehabilitated property is placed in service, the amount that exceeds the

taxpayer's tax liability may be carried forward for credit against the taxes imposed for the

succeeding ten (10) years, or until the full credit is used, whichever occurs first for the tax credits.

Credits allowed to a partnership, a limited liability company taxed as a partnership or multiple

owners of property shall be passed through to the persons designated as partners, members or

owners respectively pro rata or pursuant to an executed agreement among such persons

designated as partners, members or owners documenting an alternate distribution method without

regard to their sharing of other tax or economic attributes of such entity.

     (d) If the taxpayer has not claimed the tax credits in whole or part, taxpayers eligible for

the tax credits may assign, transfer or convey the credits, in whole or in part, by sale or otherwise

to any individual or entity, including, but not limited to, condominium owners in the event the

certified historic structure is converted into condominiums and assignees of the credits that have

not claimed the tax credits in whole or part may assign, transfer or convey the credits, in whole or

in part, by sale or otherwise to any individual or entity. The assignee of the tax credits may use

acquired credits to offset up to one hundred percent (100%) of the tax liabilities otherwise

imposed pursuant to chapters 11, 12, 13, (other than the tax imposed under § 44-13-13), 14, 17 or

30 of this title. The assignee may apply the tax credit against taxes imposed on the assignee until

the end of the tenth calendar year after the year in which the substantially rehabilitated property is

placed in service or until the full credit assigned is used, whichever occurs first. Fiscal year

assignees may claim the credit until the expiration of the fiscal year that ends within the tenth

year after the year in which the substantially rehabilitated property is placed in service. The

assignor shall perfect the transfer by notifying the division of taxation, in writing, within thirty

(30) calendar days following the effective date of the transfer and shall provide any information

as may be required by the division of taxation to administer and carry out the provisions of this

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section. The general treasurer shall be empowered to promulgate rules and regulations to create

an open, transparent and electronic marketplace for the purchase and sale of tax credits.

     For the purposes of this chapter, any assignment or sales proceeds received by the

taxpayer for its assignment or sale of the tax credits allowed pursuant to this section shall be

exempt from this title. If a tax credit is subsequently recaptured under subsection (e) of this

section, revoked or adjusted, the seller's tax calculation for the year of revocation, recapture, or

adjustment shall be increased by the total amount of the sales proceeds, without proration, as a

modification under chapter 30 of this title. In the event that the seller is not a natural person, the

seller's tax calculation under chapters 11, 12, 13 (other than with respect to the tax imposed under

§ 44-13-13), 14, 17, or 30 of this title, as applicable, for the year of revocation, recapture, or

adjustment, shall be increased by including the total amount of the sales proceeds without

proration.

     (e) Substantial rehabilitation of property that either:

     (1) Is exempt from real property tax;

     (2) Is a social club; or

     (3) Consists of a single family home or a property that contains less than three (3)

residential apartments or condominiums shall be ineligible for the tax credits authorized under

this chapter; provided, however, a scattered site development with five (5) or more residential

units in the aggregate (which may include single family homes) shall be eligible for tax credit. In

the event a certified historic structure undergoes a substantial rehabilitation pursuant to this

chapter and within twenty-four (24) months after issuance of a certificate of completed work the

property becomes exempt from real property tax, the taxpayer's tax for the year shall be increased

by the total amount of credit actually used against the tax.

     (f) In the case of a corporation, this credit is only allowed against the tax of a corporation

included in a consolidated return that qualifies for the credit and not against the tax of other

corporations that may join in the filing of a consolidated tax return.

     44-33.7-4. Administration. -- (a) To claim the tax credit authorized in this chapter,

taxpayers shall apply:

     (1) To the commission prior to the certified historic structure being placed in service for a

certification that the certified historic structure's rehabilitation will be consistent with the

standards of the Secretary of the United States Department of the Interior for rehabilitation;

     (2) To the commission after completion of the rehabilitation work of the certified historic

structure for a certification that the rehabilitation is consistent with the standards of the Secretary

of the United States Department of the Interior for rehabilitation; and

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     (3) To the division of taxation for a certification as to the amount of tax credit for which

the rehabilitation qualifies. The commission and the division of taxation shall rely on the facts

represented in the application without independent investigation and, with respect to the amount

of tax credit for which the rehabilitation qualifies, upon the certification of a certified public

accountant licensed in the state. The application shall be developed by the commission and the

division of taxation and may be amended from time to time.

     (b) Included in the taxpayer's application requesting certification of the tax credit for

which the rehabilitation qualified for to the division of taxation shall be the name, state of

residence, occupation, number of hours worked, and actual wages and fringe benefits paid to each

worker employed by the taxpayer and/or any of its contractors or subcontractors that completed

work on the qualified rehabilitation expenditures. This submission shall also include any

certifications required by § 44-33.7-8.

     (1) By submitting this information, which shall be a public record, the taxpayer is

certifying that, to the best of taxpayer's actual knowledge, the information provided to the

division of taxation is accurate.

     (2) No taxpayer and/or applicant shall receive a certification of tax credit under the

provisions of this chapter unless the division of taxation verifies that it has received all of the

required information under this subsection.

     (3) The taxpayer shall pay a fine of five hundred dollars ($500) to the general fund for

each individual submission of any false or materially inaccurate information to the division of

taxation under this subsection; provided however, that the taxpayer shall not be fined for any

information submitted that the division of taxation determines is a diminimus clerical error or was

otherwise an unintentional mistake (provided that the taxpayer cooperate with the division of

taxation to correct such information promptly upon being provided notice of such mistake).

     (4) Any taxpayer found to have willfully made a false or fraudulent representation on

under this subsection shall be referred to the office of the attorney general. The willful false or

fraudulent representation shall be considered a misdemeanor and shall be punishable for a period

of not more than one year in prison and/or a fine of up to one thousand dollars ($1,000) per

instance. This shall not apply to a taxpayer when: (i) A taxpayer's contractor or subcontractor has

willfully made a false or fraudulent representation or otherwise provided the taxpayer or the

division of taxation with false information; and (ii) The taxpayer did not have actual knowledge

that such representation or information was false and/or fraudulent. Furthermore, notwithstanding

the provisions above, no redress shall be sought against assignees, transferees or allocates of such

credits provided they acquired the tax credits by way of an arms-length transaction, for value, and

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without actual notice from the commission or division of taxation of violation, fraud or willful

misrepresentation.

     (c) Within thirty (30) days after the commission's and division of taxation's receipt of the

taxpayer's application requesting certification for the completed rehabilitation work:

     (1) The commission shall issue the taxpayer a written determination either denying or

certifying the rehabilitation; and

     (2) The division of taxation shall issue a certification of the amount of credit for which

the rehabilitation qualifies. To claim the tax credit, the division of taxation's certification as to the

amount of the tax credit shall be attached to all state tax returns on which the credit is claimed.

     (d) No taxpayer may benefit from the provisions of this chapter unless the owner of the

certified historic structure grants a restrictive covenant to the commission, agreeing that during

the holding period no material alterations to the certified historic structure will be made without

the commission's prior approval and agreeing that such shall be done in a manner inconsistent

with the standards of the Secretary of the United States Department of the Interior; and, in the

event the owner applies for the twenty-five percent (25%) tax credit, that either:

     (1) At least twenty-five percent (25%) of the total rentable area of the certified historic

structure will be made available for a trade or business; or

     (2) The entire rentable area located on the first floor of the certified historic structure will

be made available for a trade or business, in either case, for a period of sixty (60) months after the

placed in service date of the certified historic structure or identifiable portion thereof.

     (e) The division of taxation shall charge a fee not to exceed two thousand dollars ($2,000)

which shall be paid upon the signing of the tax contract with the division of taxation. This fee

shall be nonrefundable.

     (f) The aggregate value of all tax credits approved by the commission pursuant to this

chapter for projects that file applications prior to the sunset provisions contained in § 44-33-7.9

shall not exceed two hundred fifty million dollars ($250,000,000).

     (g) Notwithstanding any provisions of the general laws or regulations adopted thereunder

to the contrary, including, but not limited to, the provisions of chapter 2 of title 37, the division of

taxation is hereby expressly authorized and empowered to enter into contracts with persons,

firms, partnerships, trusts, estates, limited liability companies, corporations (whether for profit or

nonprofit) or other business entities that incur qualified rehabilitation expenditures for the

substantial rehabilitation of certified historic structures or some identifiable portion of a structure.

Upon payment of the portion of the fee set forth in subsection (d)(1) above, the division of

taxation and the applicant shall enter into a contract for tax credits consistent with the terms and

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provisions of this chapter.

     (h) Upon satisfaction of the requirements set forth herein and the payment of the fees as

set forth in subsection (e) above, the division of taxation shall, on behalf of the state, guarantee

through a contract with persons, firms, partnerships, trusts, estates, limited liability companies,

corporations (whether for profit or nonprofit) or other business entities that will incur qualified

rehabilitation expenditures for the substantial rehabilitation of a certified historic structure or

some identifiable portion of a structure the delivery and use of one hundred percent (100%) of the

tax credit in an amount equal to the lesser of: (i) The amount of the tax credit identified in such

contract; or (ii) The actual QREs incurred multiplied by the tax credit percentage applicable

pursuant to § 44-33.7-3(a).

     (i) Any contract executed pursuant to this chapter by a person, firm, partnership, trust,

estate, limited liability company, corporation (whether for profit or nonprofit) or other business

entity shall be assignable to:

     (1) An affiliate thereof without any consent from the division of taxation;

     (2) A banking institution as defined by § 44-14-2(2) or credit union as defined in § 44-15-

1.1(1) without any consent from the division of taxation; or

     (3) A person, firm, partnership, trust, estate, limited liability company, corporation

(whether for profit or nonprofit) or other business entity that incurs qualified rehabilitation

expenditures for the substantial rehabilitation of certified historic structures or some identifiable

portion of a structure, with such assignment to be approved by the division of taxation, which

approval shall not be unreasonably withheld or conditioned. For purposes of this subsection,

"affiliate" shall be defined as any entity controlling, controlled by or under common control with

such person, firm, partnership, trust, estate, limited liability company, corporation (whether for

profit or nonprofit) or other business entity.

     (j) If information comes to the attention of the commission or division of taxation at any

time up to and including the last day of the holding period that is materially inconsistent with

representations made in an application, the commission may deny the requested certification or

revoke a certification previously given, and in either instance all fees paid by the applicant shall

be deemed forfeited. In the event that tax credits or a portion of tax credits are subject to

recapture for ineligible costs and such tax credits have been transferred, assigned and/or

allocated, the state will pursue its recapture remedies and rights against the applicant of the tax

credits, and all fees paid by the applicant shall be deemed forfeited. No redress shall be sought

against assignees, transferees or allocates of such credits provided they acquired the tax credits by

way of an arms-length transaction, for value, and without notice by the commission or division of

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taxation of violation, fraud or willful misrepresentation.

     44-33.7-5. Information requests. -- The tax division and its agents, for the purpose of

ascertaining the correctness of any credit claimed under the provisions of this chapter, may

examine any books, papers, records, or memoranda bearing upon the matters required to be

included in the return, report, or other statement, and may require the attendance of the person

executing the return, report, or other statement, or of any officer or employee of any taxpayer, or

the attendance of any other person, and may examine the person under oath respecting any matter

which the tax administrator or his or her agent deems pertinent or material in determining the

eligibility for credits claimed and may request information from the commission, and the

commission shall provide the information in all cases, to the extent not otherwise prohibited by

statute.

     44-33.7-6. Election; Limitations. -- Taxpayers who elect and qualify to claim tax credits

for the substantial rehabilitation of a certified historic structure pursuant to this chapter are

ineligible for any tax credits that may also be available to the taxpayer for the substantial

rehabilitation of that particular certified historic structure under the provisions of chapters 31 and

33.1 of this title, or 64.7 of title 42. As stated above, neither taxpayers nor assignees may claim

any tax credits issued in accordance with this section until fiscal year 2015. Applicants or their

affiliates that have entered into a contract for tax credits concerning a certain property under

chapter 33.2 of title 44 and subsequently withdraw from or otherwise terminate said contract shall

not reapply under this chapter with respect to the same property; provided, however, the

foregoing shall not prohibit a subsequent bona fide third-party from terminating a contract for tax

credits entered into under chapter 33.2 of title 44 by an unrelated and unaffiliated party and

applying under this chapter with respect to said property.

     44-33.7-7. Timing and reapplication. -- Taxpayers shall have twelve (12) months from

the approval of Part II application to commence substantial construction activities related to the

subject substantial rehabilitation. Upon commencing substantial construction activities, the

taxpayer shall submit an affidavit of commencement of substantial construction to the

commission, together with evidence of such requirements having been satisfied. Furthermore,

after commencement of substantial construction activities, no project shall remain idle prior to

completion for a period of time exceeding six (6) months. In the event that a taxpayer does not

commence substantial construction activities within twelve (12) months from the approval of Part

II application, or in the event that a project remains idle prior to completion for a period of time

exceeding six (6) months, the subject taxpayer shall forfeit all fees paid prior to such date and its

then current contract for tax credits shall be deemed null and void, and shall terminate without

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need for further action or documentation. Upon any such forfeiture and termination, a taxpayer

may reapply for tax credits pursuant to this chapter, however, notwithstanding anything contained

herein to the contrary, one hundred percent (100%) of the fees required shall be paid upon

reapplication and such fees shall be non-refundable. Additionally, any taxpayer reapplying for tax

credits pursuant to this section shall be required to submit evidence with its application

establishing the reason for delay in commencement or the project sitting idle, as the case may be,

and provide evidence, reasonably satisfactory to the commission, that such condition or event

causing same has been resolved. All taxpayers shall submit a reasonably detailed project timeline

to the commission together with the Part II application. The provisions of this section shall be

further detailed and incorporated into the form of contract for tax credits used in connection with

this chapter.

     44-33.7-8. Subcontractor Rates – Substantial projects. -- (a) Taxpayers who elect and

qualify to claim tax credits for the substantial rehabilitation of a certified historic structure

pursuant to this chapter, and where such substantial rehabilitation of a certified historic structure

pursuant to this chapter includes hard-construction costs (exclusive of land costs and soft costs,

such excluded soft costs including, but not limited to, permit fees, tap/connection fees, developer

fees, insurance costs, overhead expense, legal fees, engineering fees, architectural fees, brokerage

fees, consultant fees, and the like) that exceed ten million dollars ($10,000,000) (the "hard costs

threshold") shall only utilize contractors that have an apprenticeship program as defined herein

for all apprenticeable crafts that will be employed on the project at the time of bid. The provisions

of the section shall only apply to contractors and subcontractors with five (5) or more employees.

For purposes of this section, an apprenticeship program is one that is registered with and

approved by the United States Department of Labor in conformance with 29 C.F.R. 29 and 29

C.F.R. 30; and :

     (i) The department of labor and training must provide information and technical

assistance to affected governmental, quasi-governmental agencies, and any contractors awarded

projects relative to their obligations under this statute.

     (ii) The department of labor and training may also impose a penalty of up to five hundred

dollars ($500) for each calendar day of noncompliance with this section, as determined by the

director of labor and training. Mere errors and/or omissions shall not be grounds for imposing a

penalty under this subsection.

     (iii) Any penalties assessed under this chapter shall be paid to the general fund. To the

extent that any of the provisions contained in § 37-13-3.2 conflict with the requirements for

federal aid contracts, federal law and regulations shall control.

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     (b) In connection with a failure to comply with the terms of subsection (a) of this section,

any employee or former employee, or any organization representing such an employee or former

employee, shall be entitled to pursue any and all remedies available at law to such aggrieved

person or entity.

     (c) In the event that a project is initially submitted to the commission with hard costs that

do not exceed the hard costs threshold and therefore the requirements of § 44-33.7-8(a) are not

followed, however, the subject project's hard costs end up exceeding the hard costs threshold

absent willful misconduct or fraud by the taxpayer, the applicable tax credits will still be issued

with respect to all hard costs up to the hard costs threshold (in addition to other amounts that

qualify as QREs). In such event, however, no tax credits shall be issued for any hard costs that

exceed the hard costs threshold unless the requirements of § 44-33.7-8(a) were complied with.

     (d) Notwithstanding the requirements of this section, no redress shall be sough against

assignees, transferees or allocates of such credits provided they acquired the tax credits by way of

an arms-length transaction, for value, and without actual notice by the commission or division of

taxation of violation, fraud or willful misrepresentation.

     44-33.7-9. Sunset provision. -- There shall be no more applications for historic tax credit

certifications accepted after July 1, 2025, but all applications filed on or before such date shall

continue to be processed in accordance with this chapter.

     SECTION 3. Sections 42-64.4-2 and 42-64.4-3 of the General Laws in Chapter 42-64.4

entitled "Economic Development Reporting" are hereby amended to read as follows:

     42-64.4-2. Annual reports. -- Any board, corporation, commission, agency or other

entity of the state which issues or approves tax-exempt bonds, or bonds which are partially tax-

exempt, for historic tax credits or private uses, including, but not necessarily limited to, industrial

revenue bonds, and any corporation or agency whose purpose is to encourage economic

development or to assist private development in any manner by the issuance or approval of tax

exempt bonds or bonds which are partially tax-exempt or by the insurance of private financing or

historic tax credits, shall submit sufficient information to the executive director of the economic

development corporation to enable the executive director to submit an annual report to the general

assembly containing the information described in § 42-64.4-3, and the executive director shall

submit a report by March 1 of each year.

     42-64.4-3. Contents of annual report. -- The annual reports required by the provisions

of this chapter shall include:

      (1) The annual budget of the board, corporation, commission or state entity affected by

the provisions of this chapter;

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      (2) A listing of all applications for assistance or historic tax credits submitted to the

board, corporation, commission or state entity during the preceding calendar year, which listing

shall designate those applications which were approved or disapproved or pending;

      (3) The amount and year of issue of each historic tax credit, tax exempt bond or partially

tax exempt bond issued or approved which remains active or unpaid and the amount of each

private loan insured and the amount of each loan which remains outstanding;

      (4) The number of persons employed by the board, corporation, commission, or other

state entity at the commencement of the preceding calendar year, including the number of persons

remaining so employed at the time of the annual report, and their salaries;

      (5) The number of new jobs created and/or the number of jobs preserved as a result of

the issuance of historic tax credits or bonds or by the insurance of private financing including, by

way of illustration and not by limitation, the wages and salaries in each job category as

determined by the applicable Federal S.I.C. Codes;

      (6) A listing of the jobs filled through the utilization of the pathways to progress program

of the department of human services;

      (7) A listing of the jobs filled through the utilization of the workforce 2000 program of

the department of labor and training;

      (8) A listing of any violations of the national Labor Relations Act or citations of

violation issued by the national Labor Relations Board to any entity which has received the

benefit of any tax exempt or partially tax exempt bond or any insurance of private financing; and

      (9) A listing of any violations of federal or state environmental laws and regulations

during the preceding calendar year by any entity which has received the benefit of any tax exempt

or partially tax exempt bond or any insurance of private financing.

     SECTION 4. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- HISTORIC STRUCTURES

***

     This act would create economic incentives for the redevelopment and reuse of Rhode

Island's historic structures.

     This act would take effect upon passage.

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