Rhode Island Budget Legislation Extends HTC for 18 Months
Rhode Island Gov. Daniel McKee signed budget legislation that contained an 18-month extension to the state historic tax credit (HTC). H. 6122 makes appropriations for the fiscal year ending June 30, 2022 and extends the sunset date of the state HTC from June 30, 2021, to Dec. 31, 2022, or when the maximum aggregate credit limit is reached. Rhode Island’s HTC is for 20% of qualified rehabilitation expenditures for commercial properties, condominiums and nonprofits. The credit is worth 25% if 25% of the total rentable space or entire first floor is used in trade or business.
The Novogradac 2021 Historic Tax Credit Conference will include discussions of the interactions between state and federal HTCs.