2014 Rhode Island General Laws
Title 44 - Taxation
Chapter 44-30 - Personal Income Tax
Section 44-30-22 - Tax credit for installation costs.

§ 44-30-22 Tax credit for installation costs. – (a) A hydroelectric power developer will be allowed an income tax credit for the installation costs of a small hydroelectric power production facility.

(b) For the purposes of this section, a hydroelectric power developer shall be allowed a non-refundable state income tax credit in the amount of ten percent (10%) of the installation costs of a hydropower facility. This credit shall be limited to five hundred thousand dollars ($500,000) in expenditures for a maximum income tax credit of fifty thousand dollars ($50,000). This income tax credit shall be allowed as either a personal or a corporate income tax credit, depending on the hydropower developer's income tax filing status on the last day of his or her income tax filing period; provided, that if the installation costs were incurred by a corporation, then a non-refundable corporate income tax credit shall be allowed, and if installation costs were not incurred by a corporation, then a non-refundable personal income tax credit shall be allowed. In no event shall both a corporate and personal non-refundable income tax credit be allowed for installation costs at a single dam site.

History of Section.
(P.L. 1980, ch. 246, § 1.)