2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-39.2 - Alternative Fueled Vehicle and Filling Station Tax Credit
§ 44-39.2-2 - Tax credits for businesses. [Effective until January 1, 2008.].
SECTION 44-39.2-2
§ 44-39.2-2 Tax credits for businesses. [Effective until January 1, 2008.]. – (a) There shall be allowed as a credit against the tax liability imposed against a taxpayer pursuant to chapters 11, 13, or 30 of this title, with respect to income years of the taxpayer commencing on or after January 1, 1998, and prior to January 1, 2008, an amount equal to fifty percent (50%) of the capital, labor, and equipment costs incurred by the taxpayer directly for the construction of any filling station or improvements to any existing filling station in order to provide alternative fuel or for the construction of any recharging station or improvements to any existing recharging station in order to provide for the recharging of electric vehicles.
(b) There shall be allowed as a credit against the tax imposed on a taxpayer pursuant to chapters 11, 13, or 30 of this title, with respect to income years of the taxpayer commencing on or after January 1, 1998, and prior to January 1, 2008, an amount equal to fifty percent (50%) of the incremental costs incurred by the taxpayer for purchase of alternative fueled motor vehicles or the capital, labor, and equipment costs of the conversion of motor vehicles so that they can use alternative fuels.
(c) The amount of the credit allowed by this chapter may be transferred and/or assigned by one taxpayer to another; provided, that the transferee is a parent, subsidiary, or affiliate of, or is subject to common ownership, management and control with, the transferor.
(d) In the case where the credit allowed by this chapter exceeds the amount of tax liability imposed against a taxpayer pursuant to chapters 11, 13, or 30 of this title, and to the extent the taxpayer has not transferred or assigned its credits pursuant to subsection (c) of this section, the taxpayer may carry forward the unused credit or any unused portions of the credit and apply the credit to its tax liability for any one or more of the succeeding five (5) years.
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