Chapter 291
2019 -- S 0980 SUBSTITUTE A
Enacted 07/19/2019

A N   A C T

Introduced By: Senators Euer, and DiPalma
Date Introduced: June 13, 2019

It is enacted by the General Assembly as follows:
     SECTION 1. Sections 44-33.6-7 and 44-3.6-11 of the General Laws in Chapter 44-33.6
entitled "Historic Preservation Tax Credits 2013" are hereby amended to read as follows:
     44-33.6-7. Timing and reapplication.
     (a) 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 the
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 upon reapplication and such the fees shall be non-refundable.
Additionally, any taxpayer reapplying for tax credits pursuant to this § section 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 the 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.
     (b) Projects that have been approved for historic preservation tax credits and have been
funded through the cultural arts and the economy grant program, as enacted in chapter 145 of the
2014 Pub. L. P.L. 2014, ch. 145, and whose contract for tax credits would expire on December
31, 2019, are not subject to the provisions of § 44-33.6-7 this section and shall remain in full
force and effect until December 31, 2022.
     44-33.6-11. Sunset.
     No credits shall be authorized to be reserved pursuant to this chapter on or after June 30,
2019 2020, or upon the exhaustion of the maximum aggregate credits, whichever comes first.
     SECTION 2. This act shall take effect upon passage.
LC002727/SUB A/2