§ 42-64.9-8. Business tax credits. A taxpayer who owns and operates an eligible business within a certified building that has been substantially rehabilitated is allowed a credit against the tax imposed pursuant to chapter 11 or 30 of title 44 as follows:

(1) A credit equal to one hundred percent (100%) of the total amount of Rhode Island salaries and wages as are paid to qualified employees in excess of Rhode Island salaries and wages paid to the same employees in the prior calendar year. The maximum credit allowable per taxable year under the provisions of this subsection is three thousand dollars ($3,000) per qualified employee.

(2) Any tax credits provided in subdivision (1) shall not offset any tax liability in years other than the year in which the taxpayer qualifies for the credit. Fiscal year taxpayers must claim the tax credit in the year in which the December 31st of the certification year falls. The credit shall not reduce the tax below the minimum tax. The credit shall be used to offset tax liability under either chapter 11 or 30 of title 44, but not both.

(3) In the case of a corporation, the credit allowed under this section 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.

(4) In the case of multiple business owners, the credit provided in subdivision (1) is apportioned according to the ownership interests of the eligible business.

(5) In the event that the eligible business is located within an 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 the taxpayer may not elect to claim both.

History of Section. (P.L. 2004, ch. 277, § 1; P.L. 2004, ch. 284, § 1.)