§ 44-31.2-9 Transferability of the credit.– (a) Any motion picture production company tax credit certificate issued inaccordance with § 44-31.2-5, which has been issued to a motion pictureproduction company or passed through in accordance with subsection44-31.2-5(d), and to the extent not previously claimed against the tax of themotion picture production company or of the owner of the certificate if thecertificate was issued in accordance with subsection 44-31.2-5(d), may betransferred or sold by such company to another Rhode Island taxpayer, subjectto the following conditions:
(1) A single transfer or sale may involve one or moretransferees, assignees or purchasers. A transfer or sale of the credits mayinvolve multiple transfers to one or more transferees, assignees or purchasers.
(2) Transferors and sellers shall submit to the Rhode IslandFilm Office, and to the tax administrator in writing, a notification of anytransfer or sale of tax credits within thirty (30) days after the transfer orsale of such tax credits. The notification shall include the transferor's taxcredit balance prior to transfer, the credit certificate number, the name ofthe state-certified production, the transferor's remaining tax credit balanceafter transfer, all tax identification numbers for both transferor andtransferee, the date of transfer, the amount transferred, a copy of the creditcertificate, and any other information required by the Rhode Island office offilm and television or the division of taxation. The notification submitted tothe division of taxation shall include a processing fee of up to two hundreddollars ($200) per transferee which shall be deposited as general revenues.
(3) Failure to comply with this section will result in thedisallowance of the tax credit until the taxpayers are in full compliance.
(4) The transfer or sale of this credit does not extend thetime in which the credit can be used. The carry forward period for credit thatis transferred or sold begins on the date on which the credit was originallygranted by the film office.
(5) To the extent that the transferor did not have rights toclaim or use the credit at the time of the transfer, the division of taxationshall either disallow the credit claimed by the transferee or recapture thecredit from the transferee through any collection method authorized by RhodeIsland general law. The transferee's recourse is against the transferor.
(6) The film office shall assess and collect anadministrative fee of two hundred dollars ($200) per transfer, assignment orsale for issuing multiple motion picture production company tax creditcertificates or for reissuing certificates.
(b) The transferee, assignee or purchaser shall apply suchcredits in the same manner as the motion picture production company originallyawarded the credit.
(c) For purposes of this chapter, any assignment or salesproceeds received by the motion picture production company for its assignmentor sale of the tax credits allowed pursuant to this section shall be exemptfrom this title.
§ 44-31.2-9 Transferability of the credit.– (a) Any motion picture production company tax credit certificate issued inaccordance with § 44-31.2-5, which has been issued to a motion pictureproduction company or passed through in accordance with subsection44-31.2-5(d), and to the extent not previously claimed against the tax of themotion picture production company or of the owner of the certificate if thecertificate was issued in accordance with subsection 44-31.2-5(d), may betransferred or sold by such company to another Rhode Island taxpayer, subjectto the following conditions:
(1) A single transfer or sale may involve one or moretransferees, assignees or purchasers. A transfer or sale of the credits mayinvolve multiple transfers to one or more transferees, assignees or purchasers.
(2) Transferors and sellers shall submit to the Rhode IslandFilm Office, and to the tax administrator in writing, a notification of anytransfer or sale of tax credits within thirty (30) days after the transfer orsale of such tax credits. The notification shall include the transferor's taxcredit balance prior to transfer, the credit certificate number, the name ofthe state-certified production, the transferor's remaining tax credit balanceafter transfer, all tax identification numbers for both transferor andtransferee, the date of transfer, the amount transferred, a copy of the creditcertificate, and any other information required by the Rhode Island office offilm and television or the division of taxation. The notification submitted tothe division of taxation shall include a processing fee of up to two hundreddollars ($200) per transferee which shall be deposited as general revenues.
(3) Failure to comply with this section will result in thedisallowance of the tax credit until the taxpayers are in full compliance.
(4) The transfer or sale of this credit does not extend thetime in which the credit can be used. The carry forward period for credit thatis transferred or sold begins on the date on which the credit was originallygranted by the film office.
(5) To the extent that the transferor did not have rights toclaim or use the credit at the time of the transfer, the division of taxationshall either disallow the credit claimed by the transferee or recapture thecredit from the transferee through any collection method authorized by RhodeIsland general law. The transferee's recourse is against the transferor.
(6) The film office shall assess and collect anadministrative fee of two hundred dollars ($200) per transfer, assignment orsale for issuing multiple motion picture production company tax creditcertificates or for reissuing certificates.
(b) The transferee, assignee or purchaser shall apply suchcredits in the same manner as the motion picture production company originallyawarded the credit.
(c) For purposes of this chapter, any assignment or salesproceeds received by the motion picture production company for its assignmentor sale of the tax credits allowed pursuant to this section shall be exemptfrom this title.
§ 44-31.2-9 Transferability of the credit.– (a) Any motion picture production company tax credit certificate issued inaccordance with § 44-31.2-5, which has been issued to a motion pictureproduction company or passed through in accordance with subsection44-31.2-5(d), and to the extent not previously claimed against the tax of themotion picture production company or of the owner of the certificate if thecertificate was issued in accordance with subsection 44-31.2-5(d), may betransferred or sold by such company to another Rhode Island taxpayer, subjectto the following conditions:
(1) A single transfer or sale may involve one or moretransferees, assignees or purchasers. A transfer or sale of the credits mayinvolve multiple transfers to one or more transferees, assignees or purchasers.
(2) Transferors and sellers shall submit to the Rhode IslandFilm Office, and to the tax administrator in writing, a notification of anytransfer or sale of tax credits within thirty (30) days after the transfer orsale of such tax credits. The notification shall include the transferor's taxcredit balance prior to transfer, the credit certificate number, the name ofthe state-certified production, the transferor's remaining tax credit balanceafter transfer, all tax identification numbers for both transferor andtransferee, the date of transfer, the amount transferred, a copy of the creditcertificate, and any other information required by the Rhode Island office offilm and television or the division of taxation. The notification submitted tothe division of taxation shall include a processing fee of up to two hundreddollars ($200) per transferee which shall be deposited as general revenues.
(3) Failure to comply with this section will result in thedisallowance of the tax credit until the taxpayers are in full compliance.
(4) The transfer or sale of this credit does not extend thetime in which the credit can be used. The carry forward period for credit thatis transferred or sold begins on the date on which the credit was originallygranted by the film office.
(5) To the extent that the transferor did not have rights toclaim or use the credit at the time of the transfer, the division of taxationshall either disallow the credit claimed by the transferee or recapture thecredit from the transferee through any collection method authorized by RhodeIsland general law. The transferee's recourse is against the transferor.
(6) The film office shall assess and collect anadministrative fee of two hundred dollars ($200) per transfer, assignment orsale for issuing multiple motion picture production company tax creditcertificates or for reissuing certificates.
(b) The transferee, assignee or purchaser shall apply suchcredits in the same manner as the motion picture production company originallyawarded the credit.
(c) For purposes of this chapter, any assignment or salesproceeds received by the motion picture production company for its assignmentor sale of the tax credits allowed pursuant to this section shall be exemptfrom this title.
