Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 2 - Research and Development Expenses Credit (280-RICR-20-20-2)
Section 280-RICR-20-20-2.1 - General

A credit is available to corporations, sole proprietors, or passed through from partnerships, joint ventures or subchapter S corporations for qualified research expenses. The credit is 5% of the excess (if any) of the qualifying research expenses in the taxable year over the base period expenses. The expenses must have been incurred in Rhode Island after July 1, 1994. For periods January 1, 1998 and thereafter, the credit is 22.5% for expenses up to $111,111 and 16.9% for the remaining expenses over $111,111.