§ 44-62-5. Limitations.
(a) The credit shall not exceed one hundred thousand dollars ($100,000) annually per business entity.
(b) The tax credit must be used in the tax year the contribution was made. Any amounts of unused tax credit may not be carried forward. The tax credit is not refundable, assignable or transferable. The tax credit may not reduce the tax below the state minimum tax.
(c) The credit allowed under this chapter is only allowed against the tax of that corporation included in a consolidated return that qualifies for the credit and not against the tax of other corporations that may join in the filing of a consolidated tax return.
History of Section.P.L. 2006, ch. 246, art. 24, § 1.
Structure Rhode Island General Laws
Chapter 44-62 - Tax Credits for Contributions to Scholarship Organizations
Section 44-62-1. - Tax credit for contributions to a scholarship organization — General.
Section 44-62-2. - Qualification of scholarship organization.
Section 44-62-3. - Application for the tax credit program.
Section 44-62-4. - Calculation of tax credit and issuance of tax credit certificate.
Section 44-62-5. - Limitations.