Do you have a real estate project that is not able to raise sufficient funding?
Do you have a project at risk of having to relocate to another state?
Rebuild Rhode Island may be the answer!
The Rhode Island Commerce Corporation, through the Rebuild Rhode Island Tax Credit Act, can provide incentives such as tax credits, loans or equity investments to eligible Projects!
Your financing gap could be filled with redeemable tax credits from Rebuild Rhode Island. The credits can cover 20% and in some instances 30% of project costs! Qualifying property includes:
- Commercial office
- Mixed Use
- Ground Up Construction
- Historic rehab
In order to be eligible to be considered for the tax credit for Commercial Property:
- Total project costs must be $5,000,000 or more
- Project contains at least 25,000 square feet
- Project, after placed in service, occupies one or more businesses employing at least 25 full-time employees
- And others…
Eligibility for a Residential Project:
- Property must be located in a Hope Community
- Typically $5,000,000 or more
- Project must be at least 20,000 square feet and contain at least 20 units
- And others…
Eligibility for a Mixed Use Project:
- Total project typically $5,000,000 or more
- Contain at least 25,000 square feet
For each type of project, the applicant’s equity and investment in the Project is required to be at least 20% of the total Project Cost.
If you believe you have a qualifying Project, the tax credit cannot exceed 20% of the Project cost, up to a maximum of $15,000,000. There is an additional 10% credit if the Project meets any of the following criteria:
- Project is Adaptive Reuse or Historical Structure
- For a Targeted Industry
- Biomedical Innovation
- Data analytics
- Design, food and custom manufacturing
- Transportation, distribution, and logistics
- Hospitality and tourism
- Project includes Residential where minimum of 20% of the residential units are Affordable Housing or Workforce Housing
- And More!
For More Information
If you believe that you have a Project that could potentially qualify for the Rebuild Rhode Island Tax Credit, please contact Heather Prew, CPA at email@example.com or (401) 921-2000.