Rhode Island § 44-71-3 - Low-Income Housing Tax Credits

§ 44-71-3. Definitions.

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 completed.

(3) “Department” means the department of housing established pursuant to § 42-64.34-1[repealed].

(4) “Developer” means a person, firm, business, partnership, association, political subdivision, or other entity that proposes to build or builds a qualified Rhode Island project.

(5) “Eligibility statement” means a statement authorized and issued by the department certifying that a given project is a qualified Rhode Island project and setting forth the annual amount of the Rhode Island low-income housing tax credit allocated to the project. The eligibility statement shall be on a form promulgated by the department in consultation with the division of taxation.

(6) “Federal low-income housing tax credit” means the federal tax credit as provided in section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year.

(7) “Low-income project” means a qualified low-income housing project, as defined in section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year, that has restricted rents.

(8) “Qualified Rhode Island project” means a qualified low-income housing project, as defined in section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year, which is located in the state of Rhode Island, that meets the requirements of this chapter, and whose owner enters into a tax credit agreement with the department.

(9) “Rhode Island low-income housing tax credit” means the tax credit established pursuant to § 44-71-4.

(10) “Tax credit agreement” means an agreement between the owner of the qualified Rhode Island project and the department and filed as an affordable housing restriction in the land records of the city or town where the real estate lies that requires the project to be operated in accordance with the requirements of this chapter for not less than thirty (30) years from the expiration date of the compliance period.

(11) “Taxpayer” means a person, firm, partnership, trust, estate, limited liability company, corporation (whether for profit or nonprofit), or other entity having an ownership interest in a qualified Rhode Island project, either directly or through one or more pass-through entities, that is subject to the taxes imposed on such person or entity pursuant to chapter 11, 13, 14, 17, or 30 of this title.