Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 20 - TAX CREDITS/DEDUCTIONS
Part 5 - Rules and Regulations for the Certification of Motion Picture Production Tax Credits (280-RICR-20-20-5)
Section 280-RICR-20-20-5.13 - Determination of Tax Credit
Current through September 18, 2024
A. The amount of the motion picture production tax credit shall be determined by the Division of Taxation to equal twenty-five percent (25%) of the state certified production costs of a completed state certified production, verified by the Division of Taxation. The credit is considered earned in the tax year the production is completed.
B. The motion picture production tax credit shall be allowed as a credit against a tax imposed by R.I. Gen. Laws Chapters 44-11, 44-14, 44-17 and 44-30 for the tax year the credit is earned. Any unused credit may be carried forward for the next three (3) succeeding tax years.
C. The Division of Taxation shall determine if the cost included in the cost report meets the criteria of "costs" as defined in § 5.5 of this Part. If any cost is denied, the Division of Taxation shall advise the applicant of the denial in writing, citing the reasons for the denial.
