Rhode Island Governor Signs Bill to Extend State HTC by One Year
Rhode Island Gov. Daniel McKee last month signed legislation extending the sunset date of the state historic tax credit (HTC) to June 30, 2024. H.B. 6016 extends the sunset date by one year or until the maximum aggregate credits is exhausted. The Rhode Island HTC is for 20% of qualified rehabilitation expenditures (QREs) for commercial property owners, condominiums and nonprofits, with a 5% bonus if 25% of total rental space (or the entire first floor) is used in trade or business. The Rhode Island HTC was extended 18 months in mid-2021, then an additional six months in late 2022.
The 2023 edition of the Novogradac Historic Rehabilitation Handbook provides an overview of the HTC at both the state and federal level and delves into the intricacies of the incentive.