State Codes and Statutes
Statutes > Rhode-island > Title-44 > Chapter-44-42 > 44-42-2SECTION 44-42-2
§ 44-42-2 Tax credit. – A taxpayer shall be allowed a credit against the tax imposed by chapters 11, 13(except § 44-13-13), 14 and 17 of this title. The amount of the creditshall be eight percent (8%) of:
(1) The amount in excess of ten thousand dollars ($10,000) inany taxable year contributed to an institution of higher education for theestablishment or maintenance of a faculty chair, department, or program forscientific research or education;
(2) The amount in excess of ten thousand dollars ($10,000) inany taxable year contributed to an institution of higher education for a workfellowship program that is providing training connected with scientificresearch or education and is established by an institution of higher educationfor the students of an institution; and
(3) The cost or other basis for federal income tax purposes,determined immediately prior to the contributions, in excess of ten thousanddollars ($10,000) in any taxable year of tangible personal property contributedto an institution of higher education for use in an educational, training, orresearch program for scientific research or education conducted by aninstitution in this state, excluding sale discounts and sale-gift or similararrangements pertaining to the purchase of equipment.
