§ 44-47-1. Tax credit. (a) A taxpayer that pays for or provides adult or child day care services to its employees or to the employees of its commercial tenants, or that provides real property or dedicates rental space for child day care services, is allowed a credit, to be computed as provided in this chapter, against the tax imposed by chapters 11 and 13, except § 44-13-13, and chapters 14, 17, 30 of this title. The amount of the credit shall be:

(1) Thirty percent (30%) of the total amount expended in the state of Rhode Island during the taxable year by a taxpayer for day care services purchased to provide care for the dependent children or dependent adult family members of the taxpayer's employees or employees of commercial tenants of the taxpayer during the employees' hours of employment;

(2) Thirty percent (30%) of the total amount expended during the taxable year by a taxpayer in the establishment and/or operation of a day care facility in the state of Rhode Island used primarily by the dependent children of the taxpayer's employees or employees of commercial tenants of the taxpayer during the employees' hours of employment;

(3) Thirty percent (30%) of the total amount expended during the taxable year by a taxpayer in conjunction with one or more other taxpayers for the establishment and/or operation of a day care facility in the state of Rhode Island used primarily by the dependent children of the taxpayer's employees or employees of commercial tenants of the taxpayer during that employee's hours of employment;

(4) Thirty percent (30%) of the total amount foregone in rent or lease payments related to the dedication of rental or lease space to child day care services. The amount foregone shall be the difference between fair market rental and actual rental.

(b) No credit shall be allowed pursuant to this chapter unless the child day care facility is licensed pursuant to chapter 72.1 of title 42, and agrees to accept children whose child care services are paid for in full or in part by the Rhode Island department of human services; and/or the adult day care facility is certified by the department of elderly affairs.

History of Section. (P.L. 1987, ch. 477, § 1; P.L. 1988, ch. 602, § 1; P.L. 1992, ch. 162, § 1; P.L. 1994, ch. 216, § 2; P.L. 1994, ch. 262, § 1; P.L. 1994, ch. 270, § 2.)