§ 44-31-2 - Specialized investment tax credit.
SECTION 44-31-2
§ 44-31-2 Specialized investment taxcredit. – (a) A certified building owner, as provided in chapter 64.7 of title 42, may beallowed a specialized investment tax credit against the tax imposed by chapters11, 14, 17 and 30 of this title.
(b) The taxpayer may claim credit for the rehabilitation andreconstruction costs of a certified building, which has been substantiallyrehabilitated. Once substantial rehabilitation is established by the taxpayer,the taxpayer may claim credit for all rehabilitation and reconstruction costsincurred with respect to the certified building within five (5) years from thedate of final designation of the certified building by the council pursuant to§ 42-64.7-6.
(c) The credit shall be ten percent (10%) of therehabilitation and reconstruction costs of the certified building. The creditshall be allowable in the year the substantially rehabilitated certifiedbuilding is first placed into service, which is the year in which, under thetaxpayer's depreciation practice, the period for depreciation with respect tosuch property begins, or the year in which the property is placed in acondition or state of readiness and availability for its specifically assignedfunction, whichever is earlier.
(d) The credit shall not offset any tax liability in taxableyears other than the year or years in which the taxpayer qualifies for thecredit. The credit shall not reduce the tax below the minimum. Amounts ofunused credit for this taxpayer may be carried over and offset against thistaxpayer's tax for a period not to exceed the following seven (7) taxable years.
(e) In the case of a corporation, this credit is only allowedagainst the tax of that of a corporation included in a consolidated return thatqualifies for the credit and not against the tax of other corporations that mayjoin in the filing of a consolidated tax return.