Section 310-RICR-10-10-1.12 - Eligibility StatementA. Upon the qualified Rhode Island project being Placed in Service, the applicant shall submit a request for an eligibility statement to the Department, pursuant to the tax credit agreement. The request for an eligibility statement must be certified and attested to by a Certified Public Accountant licensed in the State, evidencing that the applicant has satisfied the conditions relating to the project costs and the applicant's equity contribution.B. The Department may seek reasonable additional information from the applicant to support the request for an eligibility statement.C. Once the Department approves the request for an eligibility statement and finds that the applicant has satisfied the project costs, has made its equity contribution, if any, and satisfied any other applicable requirements of the tax credit agreement, the Department will issue an eligibility statement to the applicant, which shall indicate that the applicant is entitled to a tax credit for a specified year or years in an amount determined pursuant to the tax credit agreement.D. In accordance with a procedure set forth in the tax credit agreement, the amount of the annual tax credit otherwise available shall be reduced, or the tax credit for the given year shall be entirely forfeited, if the applicant fails to meet any applicable requirements set forth in the tax credit agreement for the given year.310 R.I. Code R. 310-RICR-10-10-1.12
Adopted effective 10/8/2024