§ 44-47-3 - Limitation on credit – Carry over. - Rhode Island Statutes

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 hundreddollars ($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 nextfive (5) consecutive taxable years; provided, that any balance of credit maynot be claimed for any succeeding taxable year in which the taxpayer's childday 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 thousanddollars ($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 toless 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 balanceof the credit may not be carried over to any subsequent taxable year.