2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-47 - Adult and Child Day Care Assistance and Development Tax Credit
§ 44-47-3 - Limitation on credit – Carry over.

SECTION 44-47-3

   § 44-47-3  Limitation on credit – Carry over. – (a) A taxpayer shall be allowed a credit as provided in § 44-47-1(a)(2), (3) or (4) up to a maximum total credit of thirty thousand dollars ($30,000). The credit shall not reduce the tax due for that year to less than one hundred dollars ($100). If the amount of credit allowable under § 44-47-1(a)(2), (3) or (4) for any taxable year reduces the tax to one hundred dollars ($100), the balance of the credit may be claimed against the tax imposed for the next five (5) consecutive taxable years; provided, that any balance of credit may not be claimed for any succeeding taxable year in which the taxpayer's child day care facility is operated for purposes of child day care for less than six (6) months. In no event shall the total credit amount exceed thirty thousand dollars ($30,000).

   (b) A taxpayer shall be allowed a credit as provided in § 44-47-1(a)(1) up to a maximum annual credit of thirty thousand dollars ($30,000). That credit shall not reduce the tax due for any taxable year to less than one hundred dollars ($100). If the amount of credit allowable under § 44-47-1(a)(1) reduces the tax to one hundred dollars ($100), the balance of the credit may not be carried over to any subsequent taxable year.