Rhode Island General Laws 44-33.2-6. Election
Taxpayers who elect and qualify to claim tax credits for the substantial rehabilitation of a certified historic structure pursuant to this chapter are ineligible for any tax credits that may also be available to the taxpayer for the substantial rehabilitation of that particular certified historic structure under the provisions of chapters 33.1 of this title, 64.7 of title 42, and/or 31 of this title.
History of Section.
P.L. 2001, ch. 134, § 1; P.L. 2002, ch. 125, § 2.
Terms Used In Rhode Island General Laws 44-33.2-6
- Certified historic structure: means a property which is located in the state of Rhode Island and is:
(i) Listed individually on the National Register of Historic Places; or
(ii) Listed individually in the state register of historic places; or
(iii) Located in a registered historic district and certified by either the commission or Secretary of the Interior as being of historic significance to the district. See Rhode Island General Laws 44-33.2-2
- Substantial rehabilitation: means , with respect to a certified historic structure, that the qualified rehabilitation expenses of the building during the twenty-four (24) month period selected by the taxpayer ending with or within the taxable year exceed fifty percent (50%) of the adjusted basis in such building and its structural components as of the beginning of such period. See Rhode Island General Laws 44-33.2-2