Rhode Island § 44-71-7 - Low-Income Housing Tax Credits
Full text of Rhode Island Rhode Island General Laws § 44-71-7 — Low-Income Housing Tax Credits, with citation guidance and answers to common questions.
§ 44-71-7. Low-Income Housing Tax Credits
R.I. Gen. Laws § 44-71-7
§ 44-71-7. Recapture.
(a) If under Section 42 of the 1986 Internal Revenue Code, as amended, a portion of any federal low-income housing tax credits taken on a low-income project is required to be recaptured, the Rhode Island low-income housing tax credit authorized with respect to such qualified Rhode Island project shall also be recaptured. The state recapture amount shall be equal to the amount of the Rhode Island low-income housing tax credits previously claimed times a fraction, the numerator of which shall be the amount of recaptured federal low-income housing tax credits and the denominator of which shall be the amount of federal low-income housing tax credits previously claimed.
(b) The department shall provide notification of recapture determinations to the division of taxation within thirty (30) days. Such notifications shall include the proportion of the Rhode Island low-income housing tax credit to be recaptured, the identity of each taxpayer subject to the recapture, and the amount of credit previously allocated to such taxpayer.
History of Section.
P.L. 2023, ch. 79, art. 6, § 5, effective June 16, 2023.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 44-71-7
What does Rhode Island General Laws § 44-71-7 cover?
Section 44-71-7 ("Low-Income Housing Tax Credits") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 44-71-7?
A common citation format is "Rhode Island General Laws § 44-71-7" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 44-71-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.