§ 44-33.2-2 Definitions. – As used in this chapter:
(1) "Certified historic structure" means a property which islocated in the state of Rhode Island and is:
(i) Listed individually on the National Register of HistoricPlaces; or
(ii) Listed individually in the state register of historicplaces; or
(iii) Located in a registered historic district and certifiedby either the commission or Secretary of the Interior as being of historicsignificance to the district.
(2) "Certified rehabilitation" means any rehabilitation of acertified historic structure consistent with the historic character of suchproperty or the district in which the property is located as determined by thecommission guidelines.
(3) "Commission" means the Rhode Island historicalpreservation and heritage commission created pursuant to § 42-45-2.
(4) "Exempt from real property tax" means, with respect toany certified historic structure, that the structure is exempt from taxationpursuant to § 44-3-3.
(5) "Holding period" means twenty-four (24) months after thecommission issues a certificate of completed work to the owner. In the case ofa rehabilitation which may reasonably be expected to be completed in phases asdescribed in subdivision (10) of this section, "holding period" shall beextended to include a period of time beginning on the date of issuance of acertificate of completed work for the first phase or phases for which acertificate of completed work is issued and continuing until the expiration oftwenty-four (24) months after the certificate of completed work issued for thelast phase.
(6) "Placed in service" means that substantial rehabilitationwork has been completed which would allow for occupancy of the entire structureor some identifiable portion of the structure, or the owner has commenceddepreciation of the qualified rehabilitation expenditures, whichever occursfirst.
(7) "Principal residence" means the principal residence ofthe owner within the meaning of § 121 of the Internal Revenue Code[26 U.S.C. § 121] or any successor provision.
(8) "Qualified rehabilitation expenditures" means any amountsexpended in the rehabilitation of a certified historic structure properlycapitalized to the building and either: (i) depreciable under the InternalRevenue Code, 26 U.S.C. § 1 et seq., or (ii) made with respect to property(other than the principal residence of the owner) held for sale by the owner.Fees pursuant to § 44-33.2-4(d) are not qualified rehabilitationexpenditures. Notwithstanding the foregoing, except in the case of a nonprofitcorporation, there will be deducted from qualified rehabilitation expendituresfor the purposes of calculating the tax credit any funds made available to theperson (including any entity specified in § 44-33.2-3(a)) incurring thequalified rehabilitation expenditures in the form of a direct grant from afederal, state or local governmental entity or agency or instrumentality ofgovernment.
(9) "Registered historic district" means any district listedin the National Register of Historic Places, or the state register of historicplaces.
(10) "Substantial rehabilitation" means, with respect to acertified historic structure, that the qualified rehabilitation expenses of thebuilding during the twenty-four (24) month period selected by the taxpayerending with or within the taxable year exceed fifty percent (50%) of theadjusted basis in such building and its structural components as of thebeginning of such period. In the case of any rehabilitation, which mayreasonably be expected to be completed in phases set forth in architecturalplans and specifications completed before the rehabilitation begins, the abovedefinition shall be applied by substituting "sixty (60) month period" for"twenty-four (24) month period".
§ 44-33.2-2 Definitions. – As used in this chapter:
(1) "Certified historic structure" means a property which islocated in the state of Rhode Island and is:
(i) Listed individually on the National Register of HistoricPlaces; or
(ii) Listed individually in the state register of historicplaces; or
(iii) Located in a registered historic district and certifiedby either the commission or Secretary of the Interior as being of historicsignificance to the district.
(2) "Certified rehabilitation" means any rehabilitation of acertified historic structure consistent with the historic character of suchproperty or the district in which the property is located as determined by thecommission guidelines.
(3) "Commission" means the Rhode Island historicalpreservation and heritage commission created pursuant to § 42-45-2.
(4) "Exempt from real property tax" means, with respect toany certified historic structure, that the structure is exempt from taxationpursuant to § 44-3-3.
(5) "Holding period" means twenty-four (24) months after thecommission issues a certificate of completed work to the owner. In the case ofa rehabilitation which may reasonably be expected to be completed in phases asdescribed in subdivision (10) of this section, "holding period" shall beextended to include a period of time beginning on the date of issuance of acertificate of completed work for the first phase or phases for which acertificate of completed work is issued and continuing until the expiration oftwenty-four (24) months after the certificate of completed work issued for thelast phase.
(6) "Placed in service" means that substantial rehabilitationwork has been completed which would allow for occupancy of the entire structureor some identifiable portion of the structure, or the owner has commenceddepreciation of the qualified rehabilitation expenditures, whichever occursfirst.
(7) "Principal residence" means the principal residence ofthe owner within the meaning of § 121 of the Internal Revenue Code[26 U.S.C. § 121] or any successor provision.
(8) "Qualified rehabilitation expenditures" means any amountsexpended in the rehabilitation of a certified historic structure properlycapitalized to the building and either: (i) depreciable under the InternalRevenue Code, 26 U.S.C. § 1 et seq., or (ii) made with respect to property(other than the principal residence of the owner) held for sale by the owner.Fees pursuant to § 44-33.2-4(d) are not qualified rehabilitationexpenditures. Notwithstanding the foregoing, except in the case of a nonprofitcorporation, there will be deducted from qualified rehabilitation expendituresfor the purposes of calculating the tax credit any funds made available to theperson (including any entity specified in § 44-33.2-3(a)) incurring thequalified rehabilitation expenditures in the form of a direct grant from afederal, state or local governmental entity or agency or instrumentality ofgovernment.
(9) "Registered historic district" means any district listedin the National Register of Historic Places, or the state register of historicplaces.
(10) "Substantial rehabilitation" means, with respect to acertified historic structure, that the qualified rehabilitation expenses of thebuilding during the twenty-four (24) month period selected by the taxpayerending with or within the taxable year exceed fifty percent (50%) of theadjusted basis in such building and its structural components as of thebeginning of such period. In the case of any rehabilitation, which mayreasonably be expected to be completed in phases set forth in architecturalplans and specifications completed before the rehabilitation begins, the abovedefinition shall be applied by substituting "sixty (60) month period" for"twenty-four (24) month period".
§ 44-33.2-2 Definitions. – As used in this chapter:
(1) "Certified historic structure" means a property which islocated in the state of Rhode Island and is:
(i) Listed individually on the National Register of HistoricPlaces; or
(ii) Listed individually in the state register of historicplaces; or
(iii) Located in a registered historic district and certifiedby either the commission or Secretary of the Interior as being of historicsignificance to the district.
(2) "Certified rehabilitation" means any rehabilitation of acertified historic structure consistent with the historic character of suchproperty or the district in which the property is located as determined by thecommission guidelines.
(3) "Commission" means the Rhode Island historicalpreservation and heritage commission created pursuant to § 42-45-2.
(4) "Exempt from real property tax" means, with respect toany certified historic structure, that the structure is exempt from taxationpursuant to § 44-3-3.
(5) "Holding period" means twenty-four (24) months after thecommission issues a certificate of completed work to the owner. In the case ofa rehabilitation which may reasonably be expected to be completed in phases asdescribed in subdivision (10) of this section, "holding period" shall beextended to include a period of time beginning on the date of issuance of acertificate of completed work for the first phase or phases for which acertificate of completed work is issued and continuing until the expiration oftwenty-four (24) months after the certificate of completed work issued for thelast phase.
(6) "Placed in service" means that substantial rehabilitationwork has been completed which would allow for occupancy of the entire structureor some identifiable portion of the structure, or the owner has commenceddepreciation of the qualified rehabilitation expenditures, whichever occursfirst.
(7) "Principal residence" means the principal residence ofthe owner within the meaning of § 121 of the Internal Revenue Code[26 U.S.C. § 121] or any successor provision.
(8) "Qualified rehabilitation expenditures" means any amountsexpended in the rehabilitation of a certified historic structure properlycapitalized to the building and either: (i) depreciable under the InternalRevenue Code, 26 U.S.C. § 1 et seq., or (ii) made with respect to property(other than the principal residence of the owner) held for sale by the owner.Fees pursuant to § 44-33.2-4(d) are not qualified rehabilitationexpenditures. Notwithstanding the foregoing, except in the case of a nonprofitcorporation, there will be deducted from qualified rehabilitation expendituresfor the purposes of calculating the tax credit any funds made available to theperson (including any entity specified in § 44-33.2-3(a)) incurring thequalified rehabilitation expenditures in the form of a direct grant from afederal, state or local governmental entity or agency or instrumentality ofgovernment.
(9) "Registered historic district" means any district listedin the National Register of Historic Places, or the state register of historicplaces.
(10) "Substantial rehabilitation" means, with respect to acertified historic structure, that the qualified rehabilitation expenses of thebuilding during the twenty-four (24) month period selected by the taxpayerending with or within the taxable year exceed fifty percent (50%) of theadjusted basis in such building and its structural components as of thebeginning of such period. In the case of any rehabilitation, which mayreasonably be expected to be completed in phases set forth in architecturalplans and specifications completed before the rehabilitation begins, the abovedefinition shall be applied by substituting "sixty (60) month period" for"twenty-four (24) month period".
