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

SB 1002 amends Rhode Island's Rebuild Rhode Island tax credit program by increasing the maximum tax credit for one specific project from $15 million to $25 million. This exception applies solely to the I-195 redevelopment project approved by the Commerce Corporation under a December 2018 agreement. All other projects remain subject to the standard $15 million cap, and the bill clarifies that phased or multi-project developments cannot exceed this limit across all phases. The change directly affects developers seeking tax credits for the I-195 land project while maintaining existing eligibility requirements for other qualified developments.