Section 280-RICR-20-20-3.7 - Determination of CreditA. The amount of the Credit shall be determined by multiplying the total amount of Qualified Rehabilitation Expenditures incurred in connection with the plan of Rehabilitation times the appropriate percentage as elected in the Contact. Qualified Rehabilitation Expenditures may include expenses in connection with the Rehabilitation which were incurred prior to the start of Rehabilitation or of the Measuring Period. Further, Qualified Rehabilitation Expenditures may include expenses incurred prior to completion of a formal plan of Rehabilitation provided the expenses were incurred in connection with the Rehabilitation which was completed.B. The Tax Division shall certify the amount of Qualified Rehabilitation Expenditures. In the case of multiple Phased Projects, the Tax Division shall certify the amount of Qualified Rehabilitation Expenditures for each phase.C. The Tax Division shall also issue an Assignable Historic Preservation Investment Tax Credit Certificate, which shall certify as to the amount of Historic Preservation Investment Tax Credit for which the Substantial Rehabilitation qualifies as more fully provided in § 3.8 of this Part. D. The Tax Division may rely without independent investigation on the Accountant's Certification as to the amount of Qualified Rehabilitation Expenditures actually incurred and the satisfaction of Substantial Rehabilitation test. However, the Tax Division reserves the right to review such Certifications and to audit the original documents of entry, vendor lists, payroll records, accounts or other records supporting such Accountant's Certifications.E. If the amount of the Credit exceeds the taxpayer's tax liability for the taxable year in which the Credit may be claimed, the amount that exceeds the tax liability may be carried over for credit against the income taxes of such taxpayer for the next ten taxable years or until the full Credit is used, whichever occurs first.F. In the case of a corporation, the Historic Preservation Investment Tax Credit is only allowed against the tax of a corporation included in a consolidated return that qualifies for the Credit and not against the tax of other corporations that may join in the filing of a consolidated tax return. 280 R.I. Code R. § 280-RICR-20-20-3.7