RHODE ISLAND HTC APPLICATION RELEASED
The Rhode Island Division of Taxation (DOT) has released the application for the Rhode Island historic tax credit (HTC) program. In an advisory notice issued last week, the DOT said it plans to issue an emergency regulation that will break down the program’s new rules on July 24 and will begin accepting applications on Aug. 1 for qualified rehabilitation expenditures incurred on or after July 3. Rhode Island’s historic tax credit program provides a 20 percent credit for qualified rehabilitation expenditures incurred on or after July 3. Under the fiscal year 2014 budget bill (H. 5127), the state can reallocate about $34.5 million in previously allocated but unclaimed HTCs. This is the first time that Rhode Island is allocating HTCs since the program was suspended in 2008.