The Rhode Island Division of
Taxation today renewed for 90 days its emergency regulation involving historic tax credits.
The agency originally filed
the emergency regulation this summer so that it would take effect August
1, 2013, and remain in force for 120 days, until November 29, 2013. The Division of Taxation
today took action to renew it, with no changes, so that it will remain in
effect from November 29, 2013, through February 27, 2014.
This will give the agency
ample time to develop a formal (non-emergency) regulation on the subject. The
agency tentatively plans to propose such a regulation sometime in December
2013, and schedule a public hearing on it sometime in January 2014; dates and
other details will be announced. The goal is to make the regulation final by
the end of February.
Legislation approved by the
General Assembly and signed into law by Governor Lincoln D. Chafee in July 2013
essentially reopened the state’s historic tax credit program, with certain
limits, to encourage redevelopment and reuse of historic buildings. The
Division of Taxation’s emergency regulation is intended to provide guidance to
developers and other stakeholders about the credit program.
