(a)  The credit shall not exceed one hundred thousand dollars ($100,000) annually per business entity.

Terms Used In Rhode Island General Laws 44-62-5

  • Business entity: means an entity authorized to do business in this state and subject to taxes imposed under chapters 44-11, 44-13, 44-14, 44-15 and 44-17 of the general laws. See Rhode Island General Laws 44-62-6
  • 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.

(b)  The tax credit must be used in the tax year the contribution was made. Any amounts of unused tax credit may not be carried forward. The tax credit is not refundable, assignable or transferable. The tax credit may not reduce the tax below the state minimum tax.

(c)  The credit allowed under this chapter is only allowed against the tax of that 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.

History of Section.
P.L. 2006, ch. 246, art. 24, § 1.