§ 42-64.9-8 Business tax credits. –A taxpayer who owns and operates an eligible business within a certifiedbuilding that has been substantially rehabilitated is allowed a credit againstthe tax imposed pursuant to chapter 11 or 30 of title 44 as follows:
(1) A credit equal to one hundred percent (100%) of the totalamount of Rhode Island salaries and wages as are paid to qualified employees inexcess of Rhode Island salaries and wages paid to the same employees in theprior calendar year. The maximum credit allowable per taxable year under theprovisions of this subsection is three thousand dollars ($3,000) per qualifiedemployee.
(2) Any tax credits provided in subdivision (1) shall notoffset any tax liability in years other than the year in which the taxpayerqualifies for the credit. Fiscal year taxpayers must claim the tax credit inthe year in which the December 31st of the certification year falls. The creditshall not reduce the tax below the minimum tax. The credit shall be used tooffset tax liability under either chapter 11 or 30 of title 44, but not both.
(3) In the case of a corporation, the credit allowed underthis section is only allowed against the tax of that corporation included in aconsolidated return that qualifies for the credit and not against the tax ofother corporations that may join in the filing of a consolidated tax return.
(4) In the case of multiple business owners, the creditprovided in subdivision (1) is apportioned according to the ownership interestsof the eligible business.
(5) In the event that the eligible business is located withinan enterprise zone and is a certified business under the provisions of §42-64.3-6, the taxpayer must elect to use the credit provided under subdivision(1) or the credit provided in § 42-64.3-6 to offset tax liability, but thetaxpayer may not elect to claim both.
§ 42-64.9-8 Business tax credits. –A taxpayer who owns and operates an eligible business within a certifiedbuilding that has been substantially rehabilitated is allowed a credit againstthe tax imposed pursuant to chapter 11 or 30 of title 44 as follows:
(1) A credit equal to one hundred percent (100%) of the totalamount of Rhode Island salaries and wages as are paid to qualified employees inexcess of Rhode Island salaries and wages paid to the same employees in theprior calendar year. The maximum credit allowable per taxable year under theprovisions of this subsection is three thousand dollars ($3,000) per qualifiedemployee.
(2) Any tax credits provided in subdivision (1) shall notoffset any tax liability in years other than the year in which the taxpayerqualifies for the credit. Fiscal year taxpayers must claim the tax credit inthe year in which the December 31st of the certification year falls. The creditshall not reduce the tax below the minimum tax. The credit shall be used tooffset tax liability under either chapter 11 or 30 of title 44, but not both.
(3) In the case of a corporation, the credit allowed underthis section is only allowed against the tax of that corporation included in aconsolidated return that qualifies for the credit and not against the tax ofother corporations that may join in the filing of a consolidated tax return.
(4) In the case of multiple business owners, the creditprovided in subdivision (1) is apportioned according to the ownership interestsof the eligible business.
(5) In the event that the eligible business is located withinan enterprise zone and is a certified business under the provisions of §42-64.3-6, the taxpayer must elect to use the credit provided under subdivision(1) or the credit provided in § 42-64.3-6 to offset tax liability, but thetaxpayer may not elect to claim both.
§ 42-64.9-8 Business tax credits. –A taxpayer who owns and operates an eligible business within a certifiedbuilding that has been substantially rehabilitated is allowed a credit againstthe tax imposed pursuant to chapter 11 or 30 of title 44 as follows:
(1) A credit equal to one hundred percent (100%) of the totalamount of Rhode Island salaries and wages as are paid to qualified employees inexcess of Rhode Island salaries and wages paid to the same employees in theprior calendar year. The maximum credit allowable per taxable year under theprovisions of this subsection is three thousand dollars ($3,000) per qualifiedemployee.
(2) Any tax credits provided in subdivision (1) shall notoffset any tax liability in years other than the year in which the taxpayerqualifies for the credit. Fiscal year taxpayers must claim the tax credit inthe year in which the December 31st of the certification year falls. The creditshall not reduce the tax below the minimum tax. The credit shall be used tooffset tax liability under either chapter 11 or 30 of title 44, but not both.
(3) In the case of a corporation, the credit allowed underthis section is only allowed against the tax of that corporation included in aconsolidated return that qualifies for the credit and not against the tax ofother corporations that may join in the filing of a consolidated tax return.
(4) In the case of multiple business owners, the creditprovided in subdivision (1) is apportioned according to the ownership interestsof the eligible business.
(5) In the event that the eligible business is located withinan enterprise zone and is a certified business under the provisions of §42-64.3-6, the taxpayer must elect to use the credit provided under subdivision(1) or the credit provided in § 42-64.3-6 to offset tax liability, but thetaxpayer may not elect to claim both.
