§ 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 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 the 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 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) Notwithstanding any other provision of law to the contrary, 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 P.L. 2014, ch. 145, and whose contract for tax credits would expire on December 31, 2019, are not subject to the provisions of this section and shall remain in full force and effect until December 31, 2022.
History of Section.
P.L. 2013, ch. 144, art. 22, § 2; P.L. 2019, ch. 291, § 1; P.L. 2019, ch. 88, art.
5, § 14.