Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 11 - Small Business Capital Development (280-RICR-20-20-11)
Section 280-RICR-20-20-11.3 - Definition
Universal Citation: 280 RI Code of Rules 20 20 11.3
Current through September 18, 2024
A. In general, definitions and regulations set out by the Commerce Corporation in accordance with R.I. Gen. Laws § 44-43-7 will be used in administering the small business capital development incentives unless a different meaning is clearly intended.
1. "Entrepreneur" means any individual
employed full time by the qualifying business entity who owns an equity
interest in the qualifying business entity of at least 5% of the value of the
entity.
2. "Value of the entity"
means the net book value of the entity as shown on the entity's books and
records computed for each calendar year for the purposes of calculation of the
wage credit.
3. "Wages" means the
sums defined in Internal Revenue Code,
26 U.S.C. §
3121(a).
4. "Qualifying investment" means that part of
a taxpayer's investment in a certified venture capital partnership (Internal
Revenue Code,
26 U.S.C. §
702(a)(8)) that was
invested by the partnership in qualifying business activities during the
taxpayer's taxable year.
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