Bill > S0940

This bill amends Rhode Island's Rebuild Rhode Island Tax Credit and Historic Preservation Tax Credit programs to implement new prevailing wage requirements and expand tax credit opportunities. For construction projects over $10 million before July 1, 2025, and projects over $25 million after that date, all construction workers must be paid according to prevailing wage standards, with contractors required to submit monthly certified payrolls. The bill increases incentives for housing developments by allowing additional sales and use tax exemptions of up to 30% for projects that include at least 20% affordable or workforce housing units. For historic preservation tax credits, the bill maintains the existing maximum project credit of $5 million but introduces new compliance requirements, including mandatory confirmation from the Department of Labor and Training that prevailing wage standards have been met. The changes aim to ensure fair worker compensation, support affordable housing development, and provide continued economic incentives for historic rehabilitation and commercial development projects in Rhode Island. The bill will take effect immediately upon passage, with some provisions specifically targeting projects starting July 1, 2025.

Budget and Finance

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