R.I. Gen. Laws § 44-71-7 — Recapture

(a) If under Section 42 of the 1986 Internal Revenue Code, as amended, a portion of any federal low-income housing tax credits taken on a low-income
project is required to be recaptured, the Rhode Island low-income housing tax credit
authorized with respect to such qualified Rhode Island project shall also be recaptured.
The state recapture amount shall be equal to the amount of the Rhode Island low-income
housing tax credits previously claimed times a fraction, the numerator of which shall
be the amount of recaptured federal low-income housing tax credits and the denominator
of which shall be the amount of federal low-income housing tax credits previously
claimed.
(b) The department shall provide notification of recapture determinations to the division
of taxation within thirty (30) days. Such notifications shall include the proportion
of the Rhode Island low-income housing tax credit to be recaptured, the identity of
each taxpayer subject to the recapture, and the amount of credit previously allocated
to such taxpayer.