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-20-20-5.14 - Issuance of Tax Credit Certificates
Current through December 26, 2024
A. Concurrent with the final certification of the production, the Division of Taxation, based upon the Certification shall also issue written, individual motion picture production tax credit certificate[s] to the motion picture production company, as allocated under its organizational documents, or to one or more transferees. The motion picture production company must provide the names, addresses and taxpayer identification numbers of such Participants or transferees. Credits allowed to a motion picture production company which is a subchapter S-corporation, partnership, or limited liability company that is taxed as a partnership, shall be passed through respectively to the Participants on a pro rata basis or pursuant to an executed agreement among such persons designated as subchapter S-corporation shareholders, partners, or members. This writing documents an alternate distribution method without regard to their sharing of other tax or economic attributes of such entity. Each certificate will bear the unique identification number that was issued to the production as part of its initial certification.
B. Right to Deny or Revoke Credit - If, at any time, it comes to the attention of the film office or the Division of Taxation that information is/was misstated, misrepresented or omitted or is materially inconsistent with representations made in an application, the film office or the Division of Taxation may deny the requested certification or revoke a certification previously given. In such cases, the applicant may appeal the film office's or the Division of Taxation's decision under the provisions of R.I. Gen. Laws § 44-31.2-8.
C. In relation to granting the credit, any motion picture production company applying for the credit shall be required to reimburse the Division of Taxation for its audits.
