AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- REBUILD RHODE ISLAND TAX CREDIT

This bill amends Rhode Island's Rebuild Rhode Island Tax Credit program to increase the maximum credit cap from $15 million to $25 million for one specific project: the I-195 redevelopment district parcel 42 and P4 (authorized in 2018). It does not change the $15 million cap for other projects, which must still meet requirements like a $5 million minimum project cost, 20% owner equity, and project financing gap criteria. The change applies solely to this designated I-195 project, allowing it to access higher tax credits while maintaining other program rules for all other developments. The bill focuses on a targeted adjustment for a single redevelopment site, not a broad policy shift.