§ 42-64.26-8. Carry forward and redemption of tax credits.
(a) If the amount of the tax credit allowed under this chapter exceeds the taxpayer’s total tax liability for the year in which the credit is allowed, the amount of such credit that exceeds the taxpayer’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.
(b) The tax credit allowed under this chapter may be used as a credit against personal income taxes imposed under chapter 30 of title 44.
(c) The division of taxation shall at the request of a taxpayer redeem such credits in whole or in part for one hundred percent (100%) of the value of the tax credit.
(d) Any award issued pursuant to this chapter after January 1, 2021, shall be exempt from taxation under title 44 of the General Laws.
History of Section.P.L. 2015, ch. 141, art. 19, § 9; P.L. 2021, ch. 162, art. 9, § 10, effective July 6, 2021.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships
Section 42-64.26-1. - Short title.
Section 42-64.26-2. - Legislative findings.
Section 42-64.26-3. - Definitions.
Section 42-64.26-4. - Establishment of funds — Purposes — Composition.
Section 42-64.26-5. - Administration.
Section 42-64.26-6. - Reporting.
Section 42-64.26-7. - Remedies.
Section 42-64.26-8. - Carry forward and redemption of tax credits.
Section 42-64.26-9. - Implementation guidelines, rules, regulations.
Section 42-64.26-10. - Promotion by state agencies.