Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 15 - Tax Incentives for Employers (280-RICR-20-20-15)
Section 280-RICR-20-20-15.8 - Limitations and Miscellaneous

Universal Citation: 280 RI Code of Rules 20 20 15.8

Current through September 18, 2024

A. The incentive (deduction or modification) is not refundable.

B. The incentive may be used by the claimant business for taxes levied under R.I. Gen. Laws Chapter 44-11 (Business Corporation Tax); under R.I. Gen. Laws Chapter 44-13 (Public Service Corporation Tax) but not under R.I. Gen. Laws § 4-13-13; under R.I. Gen. Laws Chapter 44-14 (Bank Excise Tax); under R.I. Gen. Laws Chapter 44-15 (Bank Deposits Tax); under R.I. Gen. Laws Chapter 44-17 (Taxation of Insurance Companies); and under R.I. Gen. Laws Chapter 44-30 (Personal Income Tax).

C. If the business is liable for both Bank Excise and Bank Deposits taxes (under R.I. Gen. Laws Chapters 44-14 and 44-15), the taxpayer must elect only one tax in which to claim the incentive and may not divide the incentive between the two taxes.

D. If the business is a Sub-chapter S corporation, limited liability company, partnership or joint venture, the incentive is to be divided in the same manner as income.

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