Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 14 - Research and Development Property Credit (280-RICR-20-20-14)
Section 280-RICR-20-20-14.4 - Basic Test
Universal Citation: 280 RI Code of Rules 20 20 14.4
Current through September 18, 2024
A. In order to qualify for this credit, the tangible personal property and other tangible property, including buildings and structural components of buildings must meet all of the following tests and therefore must:
1. be depreciable pursuant to
26 U.S.C. §
167 or recovery property with
respect to which a deduction is allowable under
26 U.S.C. §
168;
2. have a useful life of three (3) years or
more;
3. be acquired by purchase as
defined in section
26 U.S.C. §
179(d);
4. have a situs in this state; and
5. be used principally for purposes of
research and development in the experimental or laboratory sense.
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