§ 42-64.9-6.1. Certified building rehabilitation.
(a) A certified building shall be treated as having been substantially rehabilitated only if the reconstruction and rehabilitation expenditures incurred during the twenty-four (24) month period selected by the certified building owner and ending with or within the taxable year in which the rehabilitated certified building is first placed in service by the certified building owner meet the definition of “substantial rehabilitation” set forth in § 42-64.9-4(13). For purposes of determining whether the requirements of § 42-64.9-4(13) have been met, the market value of the certified building shall be determined at the beginning of the 1st day of such twenty-four (24) month period.
(b) Special rule for phased rehabilitation. In the case of any rehabilitation which may reasonably be expected to be completed in phases set forth in architectural plans and specifications completed before the rehabilitation begins, subsection (a) of this section shall be applied by substituting “sixty (60) month period” for “twenty-four (24) month period.”
History of Section.P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1; P.L. 2006, ch. 216, § 43.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.9 - Mill Building and Economic Revitalization Act
Section 42-64.9-1. - Short title.
Section 42-64.9-2. - Legislative findings and purpose.
Section 42-64.9-4. - Definitions and construction.
Section 42-64.9-5. - Building certification process.
Section 42-64.9-6. - Notice of final designation of certified building.
Section 42-64.9-6.1. - Certified building rehabilitation.
Section 42-64.9-6.2. - Impact analysis and periodic reporting.
Section 42-64.9-7. - Specialized investment tax credit.
Section 42-64.9-8. - Business tax credits.
Section 42-64.9-9. - Interest income.
Section 42-64.9-10. - Exemption or stabilization of taxes.
Section 42-64.9-11. - Expedited permit process.
Section 42-64.9-12. - Expiration.
Section 42-64.9-13. - Examination of taxpayer’s records.
Section 42-64.9-14. - Penalties.
Section 42-64.9-15. - Revocation of certification.
Section 42-64.9-16. - Additional rules and regulations.