§ 44-30-22. Tax credit for installation costs.
(a) A hydroelectric power developer will be allowed an income tax credit for the installation costs of a small hydroelectric power production facility.
(b) For the purposes of this section, a hydroelectric power developer shall be allowed a non-refundable state income tax credit in the amount of ten percent (10%) of the installation costs of a hydropower facility. This credit shall be limited to five hundred thousand dollars ($500,000) in expenditures for a maximum income tax credit of fifty thousand dollars ($50,000). This income tax credit shall be allowed as either a personal or a corporate income tax credit, depending on the hydropower developer’s income tax filing status on the last day of his or her income tax filing period; provided, that if the installation costs were incurred by a corporation, then a non-refundable corporate income tax credit shall be allowed, and if installation costs were not incurred by a corporation, then a non-refundable personal income tax credit shall be allowed. In no event shall both a corporate and personal non-refundable income tax credit be allowed for installation costs at a single dam site.
History of Section.P.L. 1980, ch. 246, § 1.
Structure Rhode Island General Laws
Chapter 44-30 - Personal Income Tax
Section 44-30-11. - Resident husband and wife.
Section 44-30-12. - Rhode Island income of a resident individual.
Section 44-30-13, 44-30-14. - Repealed.
Section 44-30-15. - Resident partners.
Section 44-30-16. - Rhode Island income of a resident estate or trust.
Section 44-30-18. - Credit for income taxes of other states.
Section 44-30-19. - Credit to trust beneficiary receiving accumulation distribution.
Section 44-30-21. - Hydroelectric development tax credit — Definitions.
Section 44-30-22. - Tax credit for installation costs.
Section 44-30-23. - Extended credits.
Section 44-30-24. - Tax credit for art.
Section 44-30-25. - Modification relating to family education accounts.
Section 44-30-25.1. - Scituate — Modification relating to medical savings accounts.