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Bill > S3028
RI S3028
RI S3028Establishes the Rhode Island low-income housing improvement tax credit program providing tax credits for a period of five (5) years to applicants that are competitively selected and that meet the requirements of this chapter.
summary
Introduced
05/02/2024
05/02/2024
In Committee
05/02/2024
05/02/2024
Crossed Over
Passed
Dead
06/30/2024
06/30/2024
Introduced Session
2024 Regular Session
Bill Summary
This act establishes the Rhode Island low-income housing improvement tax credit program providing tax credits for a period of five (5) years to applicants that are competitively selected and that meet the requirements of this chapter. This act would take effect on July 1, 2024.
AI Summary
This bill establishes the Rhode Island low-income housing improvement tax credit program, which provides tax credits for a period of five years to applicants that are competitively selected and meet the program's requirements. The program aims to encourage and incentivize improvements to affordable housing in the state. The bill defines key terms, sets limits on the total amount of tax credits that can be issued annually, and outlines the process for applying, receiving, and recapturing the tax credits. The bill also establishes a low-income housing improvement tax credit fund and includes a sunset provision, stating that no new credits will be authorized after June 30, 2029. This act will take effect on July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced, referred to Senate Finance (on 05/02/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText24/SenateText24/S3028.pdf |
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