2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-39.1 - Employment Tax Credit
§ 44-39.1-2 - Credit provisions.
SECTION 44-39.1-2
§ 44-39.1-2 Credit provisions. – (a) The credit is not refundable but may be applied against the tax liability imposed against a taxpayer pursuant to chapters 11, 13, 14, 15, 17 and 30 of this title.
(b) The credit allowed under this chapter for any taxable year shall not reduce the tax due for that year to less than one hundred dollars ($100). Any amount of credit not deductible in that taxable year may not be carried over to the following year. This credit may not be applied against the tax until all other credits available to this taxpayer for that taxable year have been applied.
(c) In the event that the employer is a partnership, joint venture, or small business corporation, the credit shall be divided in the manner as income.
(d) In the event that the taxpayer is liable for taxes imposed under both chapters 14 and 15 of this title, the taxpayer must elect the tax against which it wishes to claim credit. This election shall be made as part of the taxpayer's filings in accordance with §§ 44-14-6 and 44-15-5. The taxpayer may not divide the credit for any year between the two (2) tax liabilities for which it is liable.
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