Rhode Island § 44-31-2 § 44-31-2. Specialized investment tax credit. [Effective until January 1, 2026.]

Rhode Island Statutes

§ 44-31-2 — § 44-31-2. Specialized investment tax credit. [Effective until January 1, 2026.]

Rhode Island § 44-31-2

Title 44Taxation

Ch. 44-31Investment Tax Credit

This text of Rhode Island § 44-31-2 (§ 44-31-2. Specialized investment tax credit. [Effective until January 1, 2026.]) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 44-31-2 (2026).

Text

§ 44-31-2. Specialized investment tax credit. [Effective until January 1, 2026.]
(a) A certified building owner, as provided in chapter 64.7 of title 42, may be allowed a specialized investment tax credit against the tax imposed by chapters
            11, 14, 17 and 30 of this title.
         
(b) The taxpayer may claim credit for the rehabilitation and reconstruction costs of a
            certified building, which has been substantially rehabilitated. Once substantial rehabilitation
            is established by the taxpayer, the taxpayer may claim credit for all rehabilitation
            and reconstruction costs incurred with respect to the certified building within five

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§ 44-31-2. Specialized investment tax credit. [Effective until January 1, 2026.]

(a) A certified building owner, as provided in chapter 64.7 of title 42, may be allowed a specialized investment tax credit against the tax imposed by chapters 11, 14, 17 and 30 of this title.

(b) The taxpayer may claim credit for the rehabilitation and reconstruction costs of a certified building, which has been substantially rehabilitated. Once substantial rehabilitation is established by the taxpayer, the taxpayer may claim credit for all rehabilitation and reconstruction costs incurred with respect to the certified building within five (5) years from the date of final designation of the certified building by the council pursuant to § 42-64.7-6.

(c) The credit shall be ten percent (10%) of the rehabilitation and reconstruction costs of the certified building. The credit shall be allowable in the year the substantially rehabilitated certified building is first placed into service, which is the year in which, under the taxpayer's depreciation practice, the period for depreciation with respect to such property begins, or the year in which the property is placed in a condition or state of readiness and availability for its specifically assigned function, whichever is earlier.

(d) The credit shall not offset any tax liability in taxable years other than the year or years in which the taxpayer qualifies for the credit. The credit shall not reduce the tax below the minimum. Amounts of unused credit for this taxpayer may be carried over and offset against this taxpayer's tax for a period not to exceed the following seven (7) taxable years.

(e) In the case of a corporation, this credit is only allowed against the tax of that of a 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.