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Rhode Island to Revoke Taxpayer’s State HTC After Project Remained Idle
The Rhode Island Division of Taxation issued a final decision and order June 29 that a taxpayer’s tax credits were deemed null and void after the taxpayer failed to provide supporting documentation for the quarterly reports and the properly remained idle for more than six months. Case No.: 19-T-013 determined the division was within its province to deny the credits allocated in August 2015 after the taxpayer’s development remained idle from October 2016 to March 2018, saying the taxpayer’s quarterly reports “lacked the requisite documentation and the Taxpayer did not supply any documentation despite requests from the Division.” The division said the decision was consistent with statute and regulation.
Learn more about historic tax credits from experts Oct. 7-8 at the Novogradac 2021 Historic Tax Credit Conference at the Swissotel Chicago and online.