Section 870-RICR-30-00-3.17 - Redemption of Tax CreditsA. Upon request of a taxpayer holding a valid Tax Credit Certificate, the Tax Division shall redeem such credit in whole or in part for ninety percent (90%) of the value of the Tax Credit to the extent of available funds in the Rebuild Rhode Island Tax Credit Fund; provided that the taxpayer must qualify for a Letter of Good Standing in order to be eligible to redeem any portion of a credit.B. A taxpayer seeking redemption of a Tax Credit Certificate shall file an application on the form prescribed by the Tax Division together with the original Tax Credit Certificate. The Tax Division shall pay the redemption amount within thirty (30) days of submission of a complete application by the taxpayer to the extent of available funds in the Rebuild Rhode Island Tax Credit Fund as certified by the Corporation. To the extent of any insufficiency of funds in the Rebuild Rhode Island Tax Credit Fund, the Tax Division shall either return the original Tax Credit Certificate to the taxpayer or issue a new Tax Credit Certificate for such partial amounts that are not redeemed by the Tax Division.870 R.I. Code R. 870-RICR-30-00-3.17
Amended effective 12/19/2018