Terms Used In Rhode Island General Laws > Chapter 44-33.2 - Historic Structures - Tax Credit

• Certified historic structure: means a property which is located in the state of Rhode Island and is:

  (i)  Listed individually on the National Register of Historic Places; or

  (ii)  Listed individually in the state register of historic places; or

  (iii)  Located in a registered historic district and certified by either the commission or Secretary of the Interior as being of historic significance to the district. See Rhode Island General Laws 44-33.2-2

• Commission: means the Rhode Island historical preservation and heritage commission created pursuant to § 42-45-2. See Rhode Island General Laws 44-33.2-2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Exempt from real property tax: means , with respect to any certified historic structure, that the structure is exempt from taxation pursuant to § 44-3-3. See Rhode Island General Laws 44-33.2-2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Holding period: means twenty-four (24) months after the commission issues a certificate of completed work to the owner. See Rhode Island General Laws 44-33.2-2
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Placed in service: means that substantial rehabilitation work has been completed which would allow for occupancy of the entire structure or some identifiable portion of the structure, or the owner has commenced depreciation of the qualified rehabilitation expenditures, whichever occurs first. See Rhode Island General Laws 44-33.2-2
• Principal residence: means the principal residence of the owner within the meaning of § 121 of the Internal Revenue Code [26 U. See Rhode Island General Laws 44-33.2-2
• Qualified rehabilitation expenditures: means any amounts expended in the rehabilitation of a certified historic structure properly capitalized to the building and either: (i) depreciable under the Internal Revenue Code, 26 U. See Rhode Island General Laws 44-33.2-2
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registered historic district: means any district listed in the National Register of Historic Places, or the state register of historic places. See Rhode Island General Laws 44-33.2-2
• Statute: A law passed by a legislature.
• Substantial rehabilitation: means , with respect to a certified historic structure, that the qualified rehabilitation expenses of the building during the twenty-four (24) month period selected by the taxpayer ending with or within the taxable year exceed fifty percent (50%) of the adjusted basis in such building and its structural components as of the beginning of such period. See Rhode Island General Laws 44-33.2-2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8