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Rhode Island Budget Creates State LIHTC With $30 Million Annual Statewide Cap

Wednesday, June 21, 2023 - 10:45AM

Rhode Island Gov. Daniel McKee signed budget legislation that includes a provision creating a state low-income housing tax credit (LIHTC) with a statewide annual allocation of up to $30 million. H. 5200 allows the tax credit to be taken over five years and allows a taxpayer to redeem 90% of the value of the credit. The state LIHTC has a sunset date of June 30, 2028.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides a brief, but substantive look at the federal and state LIHTC.

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