ARTICLE 27 SUBSTITUTE A AS AMENDED

RELATING TO HISTORIC TAX CREDIT PROCESSING FEE

SECTION 1. Section 44-33.2-4 of the General Laws in Chapter 44-33.2 entitled "Historic Structures - Tax Credit" is hereby amended to read as follows:

44-33.2-4. Administration. -- (a) To claim the tax credit authorized in this chapter, taxpayers shall apply to the commission: (i) 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; and (ii) after completion of the rehabilitation work of the certified historic structure for: (A) a certification that the rehabilitation is consistent with the standards of the Secretary of the United States Department of the Interior for rehabilitation, and (B) a certification as to the amount of tax credit for which the rehabilitation qualifies. The commission shall be entitled to 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 may be amended from time to time.

(b) Within ninety (90) days after the commission's receipt of the taxpayer's application requesting certification for the completed rehabilitation work, the commission shall issue the taxpayer: (i) a written determination either denying or certifying the rehabilitation, and (ii) a certification of the amount of credit for which the rehabilitation qualifies. To claim the tax credit, the commission'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 alterations to the certified historic structure will be made without the commission's approval and in a manner inconsistent with the standards of the Secretary of the United States Department of the Interior.

(d) The commission is authorized to establish a schedule of fees for the review of tax credit applications, but the fees shall be no greater than two thousand dollars ($2,000) in total for each project. shall charge a fee equal to two and one quarter percent (2.25%) of the qualified rehabilitation expenditures of structures placed in service after July 31, 2005.

(e) If information comes to the attention of the commission 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.

SECTION 2. This article shall take effect upon passage.