§ 44-43-4 - Restrictions. - Rhode Island Statutes

SECTION 44-43-4

   § 44-43-4  Restrictions. – (a) The deduction or modification provided in § 44-43-2 and the creditprovided in § 44-43-3, shall not reduce the taxes prescribed in chapters11, 13 and 14 of this title to less than one hundred dollars ($100). Amounts ofcredits, modifications, or deductions shall not reduce the taxes set forth inchapters 17 and 30 of this title to less than zero (0).

   (b) The credit provided in § 44-43-3 is not refundable.

   (c) Amounts of credits, modifications, or deductions whichmay not be used due to the application of subsection (a) of this section maynot be carried over to the following year.

   (d) In the event that the taxpayer entitled to a deduction inaccordance with § 44-43-2 is a partnership, joint venture, or smallbusiness corporation, the deduction shall be divided in the same manner asincome.

   (e) The deduction authorized by § 44-43-2(a)(1) shallonly be allowed in the computation of net income or net worth of thatcorporation included in a consolidated return that qualifies for the deductionand may not be used in the computation of net income or net worth of othercorporations that may join in the filing of a consolidated tax return.

   (f) The credit prescribed in § 44-43-3 may not beapplied against the tax for which the entrepreneur is liable until all othercredits available to the entrepreneur have been applied.