Rhode Island Code of Regulations Title 260 - Department of Labor and Training
xHere’s an updated overview of Rhode Island Code of Regulations – Title 310: Department of Housing, primarily focusing on its Low‑Income Housing Tax Credit provisions:
🏛 Title 310 – Department of Housing
▶️ Chapter 10 – Tax Credits
➡️ Subchapter 10: Low‑Income Housing Tax Credit Program – Part 1 encompasses the rules for the Rhode Island Low‑Income Housing Tax Credit (LIHTC) program, effective October 8, 2024 (rules.sos.ri.gov).
📄 Part 1 – Overview of LIHTC Rules
310‑RICR‑10‑10‑1.1 – Purpose
Establishes the principles, policies, and practices under the LIHTC Act (R.I. Gen. Laws § 44‑71‑1 et seq.).
The Act includes a built‑in sunset clause as per § 44‑71‑12. (law.cornell.edu)
310‑RICR‑10‑10‑1.11 – Tax Credit Agreements
Required to be executed prior to issuing any tax credits and finalized at project construction closing.
Must include:
Maximum credit amount
“Placed in service” requirements
Developer good standing certifications
Credit claimed in five annual installments
Default/remedy provisions, reporting, indemnification, covenants, and cost certification clauses (law.cornell.edu)
310‑RICR‑10‑10‑1.13 – Tax Credit Certificates
After an eligibility statement, the Department issues tax credit certificates per the agreement.
Copies must be sent to the Division of Taxation within 30 days of issuance, reissuance, transfers, etc.
Taxpayers must attach physical certificates to their state tax return to claim credits. (rules.sos.ri.gov)
310‑RICR‑10‑10‑1.15 – Redemption of Tax Credits
Taxpayer-issued credits may be redeemed (cashed out) for 90% of the certificate’s face value, contingent on annual appropriation.
Division of Taxation processes the request and issues payment within 30 days of funding receipt. (regulations.justia.com)
📚 Additional Context
The rules were formally adopted following public notice in May–June 2024, with the Department responding to comments from developers regarding definitions (e.g., “placed in service,” “financing gap”) and cost certifications during drafting (risos-apa-production-public.s3.amazonaws.com).
✅ TL;DR Table
Rule #
Focus
Key Details
1.1 Purpose
Intent & legal foundation
Implements LIHTC Act, includes sunset clause
1.11 Agreement
Credit agreement terms
Contains financial, compliance, and enforcement conditions
1.13 Certificates
Issuance & documentation
Certificates must be issued and shared with Taxation office
1.15 Redemption
Cash redemption process
Redeemed at 90% face value with funding conditions
🔍 Want More?
I can dive further into:
Eligibility criteria (definitions in Section 1.5)
Application review, compliance, or enforcement rules
Other subchapters, including Homeownership programs or housing grants
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