Section 870-RICR-30-00-3.7 - Tax Credit AmountA. A Tax Credit allowed pursuant to the Act and these Rules shall not exceed Fifteen Million Dollars ($15,000,000) for any Qualified Development Project. No building or Qualified Development Project to be completed in phases or in multiple projects shall exceed the maximum project credit of Fifteen Million Dollars ($15,000,000) for all phases or projects involved in the rehabilitation of such building.B. Tax Credits available under the Act and these Rules shall not exceed twenty percent (20%) of the Project Cost, provided, however, that the Applicant shall be eligible for additional Tax Credits of not more than ten percent (10%) of the Project Cost if the Qualified Development Project meets any of the following criteria: 1. The Project includes Adaptive Reuse or development of a Recognized Historical Structure;2. The Project is undertaken by or for a Targeted Industry;3. The Project is located in a Transit Oriented Development Area;4. The Project includes Residential development of which at least twenty percent (20%) of the Residential units are designated as Affordable Housing or Workforce Housing, though the Corporation will grant preference to Applications that commit to maintain units as affordable for a longer period of time and at lower affordability levels;5. The Project includes the Adaptive Reuse of property subject to the requirements of the industrial property remediation and reuse act, R.I. Gen. Laws § 23-19.14-1, et seq.;6. The Project includes Commercial facilities constructed in accordance with the minimum environmental and sustainability standards, as certified by the Corporation pursuant to LEED or other equivalent standards; or7. Such other additional criteria determined by the Corporation from time to time in response to evolving economic or market conditions, which additional criteria shall be published not less than annually on the Corporation's website commencing not later than December 31, 2015.C. The amount of a Tax Credit allowed shall be allowable to the Applicant in up to five annual increments; no more than thirty percent (30%) and no less than fifteen percent (15%) of the total credits allowed to an Applicant may be allowable for any taxable year.D. Not more than fifteen percent (15%) of the annual amount appropriated in any fiscal year may be awarded to Applicants seeking Tax Credits pursuant to § 3.6(D) of this Part.E. A Qualified Development Project eligible to receive a Tax Credit under the Act and these Rules may, at the discretion of the Corporation, be exempt from sales and use taxes imposed on the purchase of the following classes of personal property only to the extent utilized directly and exclusively in such Qualified Development Project: 1. furniture, fixtures and equipment, except automobiles, trucks or other motor vehicles; or2. such other materials, including construction materials and supplies, that are depreciable and have a useful life of one year or more and are essential to the Qualified Development Project.870 R.I. Code R. 870-RICR-30-00-3.7
Amended effective 12/19/2018