Section 870-RICR-30-00-4.18 - Use of Tax CreditA. The Tax Credit allowed under the Act may be used as a credit against corporate income taxes imposed under R.I. Gen. Laws Chapters 44-11, 44-13, 44-14, 44-17, or as specified in the Incentive Agreement, may be used as a credit against personal income taxes imposed under R.I. Gen. Laws Chapter 44-30. No more than the amount of Tax Credits equal to the total credit amount divided by the number of years in the Eligibility Period may be taken in any tax period.B. If the amount of the Tax Credit allowed under the Incentive Agreement exceeds the Applicant's total tax liability for the year in which the credit is allowed, the amount of such credit that exceeds the Applicant's tax liability may be carried forward and applied against the taxes imposed for the succeeding four (4) years, or until the full credit is used, whichever occurs first.C. Credits allowed to a Pass-Through Entity, or multiple owners of property shall be passed through to the persons designated as partners, members or owners respectively pro rata or pursuant to an executed Allocation Agreement.870 R.I. Code R. 870-RICR-30-00-4.18
Amended effective 12/19/2018