(a)  The credit is not refundable but may be applied against the tax liability imposed against a taxpayer pursuant to chapters 11, 13, 14, 15, 17 and 30 of this title.

Terms Used In Rhode Island General Laws 44-39.1-2

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(b)  The credit allowed under this chapter for any taxable year shall not reduce the tax due for that year to less than one hundred dollars ($100). Any amount of credit not deductible in that taxable year may not be carried over to the following year. This credit may not be applied against the tax until all other credits available to this taxpayer for that taxable year have been applied.

(c)  In the event that the employer is a partnership, joint venture, or small business corporation, the credit shall be divided in the manner as income.

(d)  In the event that the taxpayer is liable for taxes imposed under both chapters 14 and 15 of this title, the taxpayer must elect the tax against which it wishes to claim credit. This election shall be made as part of the taxpayer’s filings in accordance with § 44-14-6 and § 44-15-5. The taxpayer may not divide the credit for any year between the two (2) tax liabilities for which it is liable.

History of Section.
P.L. 1986, ch. 393, § 2.