Title 42, Title 42 Affairs and Government

The tax administrator and the tax administrator's agents, for the purpose of ascertaining the correctness of any credit claimed under the provisions of this chapter, may examine any books, paper, records, or memoranda bearing upon the matters required to be included in the return…

Any taxpayer or employee, officer or agent of any taxpayer that willfully fails to comply with the provisions of this chapter or otherwise submits false or misleading information shall be guilty of a felony and upon conviction shall be fined an amount not more than three (3) time…

The council has the power to revoke the certification of any building certified under § 42-64.9-5 and to revoke the eligibility of any business defined as an eligible business under § 42-64.9-4.

(a) The state tax administration shall promulgate appropriate rules and regulations to ensure the proper administration of the taxation provisions of this chapter. The council shall promulgate appropriate rules and regulations with respect to the building certification process, a…

If the provisions of this chapter or the application of this chapter to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to thi…

The provisions of this chapter apply to all buildings that have been designated by the enterprise zone council as certifiable buildings pursuant to chapter 64.5 of this title for all years commencing with the year of the designation.

It is found and declared that: (1) Throughout the state of Rhode Island there are located numerous historic and industrial mill structures which over the past two (2) decades have experienced high vacancy rates and physical deterioration. (2) Without added economic incentive, the…

It is the purpose of this chapter to create economic incentives for the purpose of stimulating the redevelopment and reuse of Rhode Island’s historic industrial mill structures.

As used in this chapter, unless the context otherwise requires, the term: (1) “Certifiable building” means a mill complex or a building: (i) That was constructed prior to January 1, 1950; (ii) Having at least two (2) floors, excluding a basement; (iii) That is or will be used pri…

(a) No later than December 1, 2000, a municipality shall submit to the enterprise zone council a list of industrial mill structures located within the municipality for consideration by the council as to whether any of these structures qualify as certifiable buildings. The council…

(a) Upon notice to the council that the municipality has satisfied the requirements of § 42-64.9-5(b)(2)(i) through (vi), the council shall provide to the municipality and to the certified building owner a written notice of final designation, which notice shall include a statemen…

(a) A certified building shall be treated as having been substantially rehabilitated only if the reconstruction and rehabilitation expenditures incurred during the twenty-four-month (24) period selected by the certified building owner and ending with or within the taxable year in…

(a) The council shall not designate any building as a certified building under § 42-64.9-5 or § 42-64.9-6 of this chapter until it has first prepared and publicly released an analysis of the impact the proposed investment will or may have on the state. The analysis shall be suppo…

A certified building owner may be allowed a specialized investment tax credit as set out in § 44-31-2 against the tax imposed by chapters 11 and 30 of title 44.

A taxpayer who owns and operates an eligible business within a certified building that has been substantially rehabilitated is allowed a credit against the tax imposed pursuant to chapter 11 or 30 of title 44 as follows: (1) A credit equal to one hundred percent (100%) of the tot…

(a) A taxpayer is allowed a ten percent (10%) credit against taxes due under the provisions of chapter 11, 13, 14, 17, or 30 of title 44 for interest earned and paid on loans made to eligible businesses as defined in § 42-64.9-4, solely and exclusively for expenditures within the…