Title 44, Title 44 Title 44

As used in this chapter: (1) “Applicant” means a developer applying for a Rhode Island low-income housing tax credit. (2) “Compliance period” means the period of fifteen (15) taxable years beginning with the taxable year in which the Rhode Island low-income housing project is com…

The Rhode Island low-income housing tax credit program is hereby established as a program under the jurisdiction and administration of the department. The program may provide tax credits for a period of five (5) years to applicants that are competitively selected and that meet th…

(a) A taxpayer owning an interest in a qualified Rhode Island project may be allowed a Rhode Island low-income housing tax credit against the taxes imposed pursuant to chapter 11, 13, 14, 17, or 30 of this title with respect to that qualified Rhode Island project in an amount aut…

(a) Upon issuance of the eligibility statement the department shall, on behalf of the State of Rhode Island, award tax credits and issue tax credit certificates in the amount authorized and allocated in accordance with the eligibility statement and the tax credit agreement. The d…

(a) If under Section 42 of the 1986 Internal Revenue Code, as amended, a portion of any federal low-income housing tax credits taken on a low-income project is required to be recaptured, the Rhode Island low-income housing tax credit authorized with respect to such qualified Rhod…

All or any portion of unused tax credits issued in accordance with the provisions of this chapter may be transferred, sold, or assigned to taxpayers eligible under the provisions of this chapter.

The department, in consultation with the division of taxation, shall adopt guidelines, directives, criteria, and rules and regulations pursuant to § 42-35-1 et seq. to implement the purposes of the Rhode Island low-income housing tax credit program.