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-20-20-5.16 - Assignment of Tax Credit Certificates

Universal Citation: 280 RI Code of Rules 20 20 5.16

Current through September 18, 2024

A. Each motion picture production tax credit certificate may be assigned, with or without consideration, transferred, or sold if it has not been previously claimed, in whole or in part, against the taxes of the motion picture production company or the taxes of the owner of the certificate. A single transfer or sale may involve one or more transferees, assignees or purchasers. The transferors and sellers must submit notice of the assignment, transfer or sale within thirty (30) days of the sale of transfer to the tax administrator. The Division of Taxation shall assess and collect an administrative fee of two hundred dollars ($200) for issuing multiple tax credit certificates or for reissuing certificates. In addition, the Division of Taxation will also collect an administrative fee of two hundred dollars ($200) on behalf of the film office.

B. Assignment of Certificate: A motion picture production tax credit certificate may be assigned, transferred or sold to any person, whether or not such person has an ownership interest in the state certified production, provided that no credit has been claimed based on the certificate being assigned, transferred or sold. The certificate shall be assigned by endorsing the assignment clause on the certificate and delivery of the original certificate to the assignee, transferee or purchaser.

C. Notification of Assignment:

1. It shall be required that written notification is filed with the Division of Taxation of the assignment, transfer or sale, of all or a portion the motion picture production tax credit certificates. Notification submitted to the tax division shall be done in accordance with the rules herein. Failure to comply will result in the disallowance of the credit until the taxpayer is in full compliance.

2. Notice to the tax division shall include:
a. a copy of the credit certificate, endorsed to the assignee. The original certificate shall not be included with the notification since it must be retained by the assignee, transferee or purchaser and attached to his/her/their/its tax return for the year for which credit is claimed;

b. the name, address and telephone number of the assignor, transferor or seller and those of the assignee, transferee or purchaser;

c. the taxpayer identification number or social security number of the parties; in addition, for non-resident corporations, partnerships, limited liability companies, or other entities the name and address of such entity's registered agent in Rhode Island and evidence of qualification to do business in Rhode Island.

D. Multiple Assignees; Re-issuance of Certificate - If the holder or assignee of a credit certificate has not used the credit certificate, in whole or in part, against its taxes and desires to assign, transfer or sell its interest in the credit to more than one party, the holder must request the Division of Taxation to reissue the original certificate in such number of certificates as the holder requires. The request must be in writing, must specify the number of new certificates required and the amount to be specified on each certificate, and must attach the original certificate for cancellation by the Division of Taxation.

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