Terms Used In Rhode Island General Laws > Chapter 44-33.6 - Historic Preservation Tax Credits 2013

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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 44-33.6-2

• Certified rehabilitation: means any rehabilitation of a certified historic structure consistent with the historic character of such property or the district in which the property is located as determined by the commission guidelines. See Rhode Island General Laws 44-33.6-2
• Commission: means the Rhode Island historical preservation and heritage commission created pursuant to § 42-45-2. See Rhode Island General Laws 44-33.6-2
• 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.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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 44-33.6-2
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Hard construction costs: means the direct contractor costs for labor, material, equipment, and services associated with an approved project, contractors overhead and profit, and other direct construction costs. See Rhode Island General Laws 44-33.6-2
• Holding period: means twenty-four (24) months after the commission issues a certificate of completed work to the owner. See Rhode Island General Laws 44-33.6-2
• 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, as established in the Part 2 application. See Rhode Island General Laws 44-33.6-2
• Principal residence: means the principal residence of the owner within the meaning of section 121 of the Internal Revenue Code [26 U. See Rhode Island General Laws 44-33.6-2
• 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 44-33.6-2

• 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 44-33.6-2
• Remain idle: means that substantial work has ceased at the subject project; work crews have been reduced by more than twenty-five percent (25%) for reasons unrelated to scheduled completion of work in accordance with the project schedule, reasonably unanticipated physical conditions, or force majeure; or the project schedule that was originally submitted by the taxpayer to the commission has been extended by more than twelve (12) months for reasons other than reasonably unanticipated physical conditions or an event of force majeure (by way of example, and not in limitation, any delays, work stoppage, or work force reduction caused by issues with project funding, finances, disputes, or violation of laws shall be deemed to cause a project to remain idle). See Rhode Island General Laws 44-33.6-2
• Scattered site development: means a development project for which the developer seeks unified financing to rehabilitate dwelling units in two (2) or more buildings located in an area that is defined by a neighborhood revitalization plan and is not more than one mile in diameter. See Rhode Island General Laws 44-33.6-2
• Social club: means a corporation or other entity and/or its affiliate that offers its facilities primarily to members for social or recreational purposes and the majority source of its revenue is from funds and/or dues paid by its members and/or an entity defined as a social club pursuant to the Internal Revenue Code section 501(c)(7). See Rhode Island General Laws 44-33.6-2
• Statute: A law passed by a legislature.
• Substantial construction: means that: (i) the owner of a certified historic structure has entered into a contract with the division of taxation and paid the processing fee; (ii) the commission has certified that the certified historic structure's rehabilitation will be consistent with the standards set forth in this chapter; and (iii) the owner has expended ten percent (10%) of its qualified rehabilitation expenditures, estimated in the contract entered into with the division of taxation for the project or its first phase of a phased project. See Rhode Island General Laws 44-33.6-2
• 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 the adjusted basis in such building and its structural components as of the beginning of such period. See Rhode Island General Laws 44-33.6-2
• Trade or business: means an activity that is carried on for the production of income from the sale or manufacture of goods or performance of services, excluding residential rental activity. See Rhode Island General Laws 44-33.6-2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8