Section 280-RICR-20-20-6.10 - Phased ProjectsA. In the case of a Phased Project, the credit allowed shall be limited to the estimated QREs as reported in the Contract for "Historic Preservation Tax Credit 2013" for each phase. Any QREs in excess of the estimated amount for any phase shall be carried over to the next subsequent phase and added to the QREs for that phase. The credit allowed for that subsequent phase shall still be limited to the estimated QREs for that phase as reported in the Contract. 1. Examples a. A four-phase project, where at least twenty-five percent (25%) of the total rentable area of the Certified Historic Structure will be made available for a Trade or Business, with total estimated QREs of sixteen million dollars ($16,000,000) in equal phases of four million dollars ($4,000,000) each with a total credit amount of twenty-five percent (25%) or four million dollars ($4,000,000) was reported in the Contract. In the first phase, the QREs were six million dollars ($6,000,000). The credit will be limited to twenty-five percent (25%) of the first four million dollars ($4,000,000) of QREs or one million dollars ($1,000,000). The excess two million dollars ($2,000,000) of QREs will be carried forward to the next subsequent phase. In the next phase, the actual QREs were three million dollars ($3,000,000) plus the two million dollars ($2,000,000) carried forward amount for a total allowable QREs of five million dollars ($5,000,000). The credit will be limited to twenty-five percent (25%) of the first four million dollars ($4,000,000) of QREs or one million dollars ($1,000,000). The excess one million dollars ($1,000,000) of QREs will be carried forward to the next subsequent phase. This procedure will be continued until the project has reached the total estimated QREs or the total credit amount has been reached, whichever is less.b. A two-phase project, for residential rental real estate, with total QREs of ten million dollars ($10,000,000) in equal phases of five million dollars ($5,000,000) each with a total credit of twenty percent (20%) or two million dollars ($2,000,000) was reported in the Contract with completion dates of December 31, 2014 for the first phase and December 31, 2016 for the second phase. The first phase was completed on December 31, 2014, and all required filings were submitted timely. The Assignable Historic Preservation Tax Credit Certificate will be issued in the amount of one million dollars ($1,000,000). The second phase was completed on December 31, 2015. Since phase two was completed one year earlier than the time reported in the Contract, the Assignable Historic Preservation Tax Credit Certificate will not be issued until December 31, 2016.B. If the actual QREs for a phase are less than the estimated amount as reported in the Contract, the credit shall be limited to the applicable percentage of the actual QREs incurred for that phase. Any unused credit amount of a phase may be carried forward to the next subsequent phase. That subsequent phase shall be allowed a credit calculation as if the carried forward credit amount has been reported in the Contract.1. Example: A four-phase project, where at least twenty-five percent (25%) of the total rentable area of the Certified Historic Structure will be made available for a Trade or Business, with a total QREs of sixteen million dollars ($16,000,000) in equal phases of four million dollars ($4,000,000) each with a total credit amount of twenty-five percent (25%) or four million dollars ($4,000,000) was reported in the Contract. In the first phase the QREs were two million dollars ($2,000,000). The credit will be limited to twenty-five percent (25%) of the actual two million dollars ($2,000,000) of QREs or five hundred thousand dollars ($500,000). The remaining estimated QREs from phase one will be carried forward to the next subsequent phase. In the next phase, the actual QREs were five million dollars ($5,000,000). The allowed credit will be limited to twenty-five percent (25%) of the five million dollars ($5,000,000) or one million two hundred fifty thousand dollars ($1,250,000). The remaining estimated QREs will be carried forward to the next subsequent phase. This procedure will be continued until the project has reached the total QREs or the total credit amount has been reached, whichever is less.280 R.I. Code R. § 280-RICR-20-20-6.10