Section 280-RICR-20-20-3.2 - General Overview of ChangesA. R.I. Gen. Laws Chapter 44-33.2 divides projects into three (3) groups and afford them different treatment depending upon what stage the project has reached as of January 1, 2008. 1. All projects placed in service prior to January 1, 2008 will receive the current 30% tax credit provided that processing fees are paid to the Division of Taxation (Tax Division) on or before May 15, 2008. Projects that fail to make payment by May 15, 2008 will not be eligible to receive tax credits.2. Most projects that are already in progress may continue but with a reduced credit amount and higher fee. Projects which have submitted Part 1 of their application to the Commission prior to January 1, 2008 will have the option of continuing under the new rules. a. Projects that wish to continue in the program must pay a processing fee ranging from 3% to 5% of Qualified Rehabilitation Expenditures, with 2.25% of Qualified Rehabilitation Expenditures due on or before May 15, 2008, and the balance due on or before March 5, 2009.b. Projects may opt for one of the following combinations of processing fees and tax credits: (1) 27% credit with a 5% processing fee(2) 26% credit with a 4% processing fee(3) 25% credit with a 3% processing feec. All projects continuing in the program will enter into a contract with the Tax Division stating the estimated amount of Qualified Rehabilitation Expenditures for the project, the tax credit percentage, and the amount of fees. The contract will constitute a State guaranty that the stated amount of tax credits will be available when earned. Projects will not be allowed to claim additional tax credits based on an increase in the Qualified Rehabilitation Expenditures. If final Qualified Rehabilitation Expenditures should be less than the amount stated in the contract, overpayment of fees will be refunded by the Tax Division. If a project is abandoned prior to its placement in service as provided in § 3.5(D)(1)(f) of this Part, the entire fees paid will be refunded upon compliance with the procedures provided in § 3.5(D)(1)(f) ((2)) of this Part.d. Upon completion of the project, Part 3 of the application must be submitted to Commission for certification that the rehabilitation is consistent with specified standards and a detailed statement of costs, which must be certified by a certified public accountant licensed in Rhode Island, must be filed with the Tax Division.3. Projects that submitted a Part 1 application to the Commission after December 31, 2007 will not be eligible for tax credits. 280 R.I. Code R. § 280-RICR-20-20-3.2