Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 13 - Daycare Assistance and Development Tax Credit (280-RICR-20-20-13)
Section 280-RICR-20-20-13.3 - Definitions
Current through March 20, 2024
A. "Amount expended" means the actual sums of money spent, or the cost or other basis for federal tax purposes of realty or tangible personalty donated or dedicated to the establishment of a daycare center.
B. "Donated" means a process whereby title and possession of realty or tangible personalty are transferred to a new owner of such property. Credit involving donated property may be calculated whether or not the donation was, or qualified for, a charitable contribution by the taxpayer but, in the event of a charitable contribution, the basis used by the taxpayer for federal income tax purposes must be the basis used in calculation of the credit. In the event that no charitable contribution has been made, the basis to be used is the basis normally used for federal income tax purposes.
C. "Dedicated to the establishment and/or operation of a daycare facility" means restricted for the sole and exclusive use of the daycare facility. Property so dedicated must be physically segregated from other similar property of the taxpayer and the books and records of the taxpayer must reflect the dedication and limitation of use.
D. "Used primarily" means used more than 50%.
E. "Rental or lease space" means commercially zoned realty space rented or leased or available for rental or lease.
