Rhode Island Agreement For Historic Preservation Tax Credits - 2013 Page 9
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14HISTORIC PRESERVATION TAX CREDITS 2013
AGREEMENT
of a Certified Historic Structure or an identifiable portion thereof, as specified in the Agreement, and
Placed in Service on or after July 3, 2013, or (ii) to the Assignee(s) of the Applicant pursuant to RIGL
§44-33.6-3(f) and the Regulations.
(b) If this Agreement is not terminated pursuant to Section 6 or Section 8(f) and the Applicant
has secured a Certification of Completed Rehabilitation from the Commission, the Tax Division
guarantees that the Tax Credit, subject to audit and certification, shall be allowed pursuant to RIGL
§44-33.6-3(b) and §44-33.6-3(e) for the taxable year in which a Certified Historic Structure or an
identifiable portion thereof, as specified in the Agreement, is Placed in Service; Provided that the
Substantial Rehabilitation test is met for such taxable year and provided further that the Certified
Historic Structure, or an identifiable portion thereof, is Placed into Service on or after August 1, 2013.
(c) “Substantial Rehabilitation” means that the Qualified Rehabilitation Expenditures incurred
with respect to the Certified Historic Structure during the twenty-four (24) month period selected by the
Applicant ending with or within the taxable year, in which the Certified Historic Structure is Placed in
Service, exceed the Adjusted Basis in such building and its structural components as of the beginning of
such period. In the case of any Rehabilitation which may reasonably be expected to be completed in
phases, the above definition shall be applied by substituting “sixty (60) month period” for “twenty-four
(24) month period”.
(d) This Agreement constitutes a binding and enforceable agreement between the Applicant and
the Tax Division. This Agreement and the rights granted hereunder shall be enforceable by the Parties
through all remedies available at law and in equity.
SECTION 15. Limitations.
(a) Applicability of Agreement. This Agreement applies only to a Rehabilitation of a Certified
Historic Structure or some identifiable portion thereof, that: (i) is Placed in Service on or after August 1,
2013; (ii) for which an Application for Certification of a Rehabilitation Plan (a/k/a Part 2 Certification)
and an Application for Determination as a Historic Structure (a/k/a Part 1 Certification) have been
issued by the Commission after August 1, 2013; and (iii) for which Qualified Rehabilitation Expenses
have been incurred on or after July 3, 2013.
(b) Election of Tax Credit Program. The Applicant and/or its Assignees who elect and qualify
for Tax Credits for the Substantial Rehabilitation of a Certified Historic Structure under Chapter 33.6 of
Title 44 are ineligible to claim Tax Credits for Rehabilitation of that particular Certified Historic
Structure under Chapter 33.1 of Title 44, Chapter 64.7 of Title 42 or Chapter 31 of Title 44. Applicants
and/or their assignees must waive, in writing, any claims to tax credits under the aforementioned
chapters prior to entering into this Agreement.
SECTION 16. Further Assurances. Each of the Parties hereto shall promptly execute and
deliver all such documents, instruments and assurances and do or cause to be done all such acts and
things as are necessary or advisable fully to perform and carry out the provisions and intent of this
Agreement.
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