RI H7396

Creates a state low-income housing tax credit equal to 50% of the federal low-income housing tax credit for business firms investing in affordable rental housing production in Rhode Island

Exempts materials used in renovations of affordable rental housing properties from state sales and use taxes

Eliminates state income tax on any income derived from the sale of deed-restricted affordable residential property with recorded covenants limiting rents or occupant incomes

Freezes property tax assessments at pre-renovation valuations for 10 years on newly renovated affordable rental housing with deed restrictions

Requires recapture of all tax savings and credits by the state if the affordability deed restriction is removed from the housing unit