(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 department shall provide copies of eligibility statements and tax credit certificates to the division of taxation within thirty (30) days of issuance, including copies of all eligibility statements and tax credit certificates that are reissued, transferred, sold, or assigned. (b) The owner of a qualified Rhode Island project eligible for the Rhode Island low-income housing tax credit shall submit, at the time of filing the project owner’s state tax return, the original tax credit certificate issued by the department with respect to such qualified Rhode Island project. In the case of failure to attach the tax credit certificate, a credit under this section shall not be allowed with respect to such qualified Rhode Island project for that year until the original tax credit certificate is provided to the division of taxation. History of Section.P.L. 2023, ch. 79, art. allowed with respect to such qualified Rhode Island project for that year until the original tax credit certificate is provided to the division of taxation. History of Section.P.L. 2023, ch. 79, art. 6, § 5, effective June 16, 2023.
Rhode Island Legal Code