Rhode Island § 44-43-6 § 44-43-6. Recapture.

Rhode Island Statutes

§ 44-43-6 — § 44-43-6. Recapture.

Rhode Island·Title 44 Taxation·Ch. 44-43 Tax Incentives for Capital Investment in Small Businesses

§ 44-43-6. Recapture.
(a) A taxpayer or entrepreneur which has been allowed a deduction or modification in accordance
            with § 44-43-2 is required to recapture all the deductions or modifications taken in any taxable
            year:
         
(1) In which the taxpayer or entrepreneur sells or exchanges or there is a reduction in
            his or her interest in a qualifying business entity; or
         
(2) In which there is a reduction in the taxpayer's interest in a qualifying investment
            in a certified venture capital partnership.
         
(b) Any recapture shall be limi

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§ 44-43-6. Recapture.

(a) A taxpayer or entrepreneur which has been allowed a deduction or modification in accordance with § 44-43-2 is required to recapture all the deductions or modifications taken in any taxable year:

(1) In which the taxpayer or entrepreneur sells or exchanges or there is a reduction in his or her interest in a qualifying business entity; or

(2) In which there is a reduction in the taxpayer's interest in a qualifying investment in a certified venture capital partnership.

(b) Any recapture shall be limited to the proceeds resulting from the reduction in subsection(a) of this section. There shall be no recapture as the result of or following the death of any entrepreneur or taxpayer. There shall be no recapture with respect to any investment held by an entrepreneur or taxpayer for at least five (5) years.

Rhode Island § 44-43-6 (§ 44-43-6. Recapture.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.