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.