Section 44-42-1. – Short title.

§ 44-42-1. Short title. This chapter shall be known as the “Education Assistance and Development Tax Credit Act”. History of Section.P.L. 1985, ch. 244, § 1.

Section 44-42-2. – Tax credit.

§ 44-42-2. Tax credit. A taxpayer shall be allowed a credit against the tax imposed by chapters 11, 13 (except § 44-13-13), 14 and 17 of this title. The amount of the credit shall be eight percent (8%) of: (1) The amount in excess of ten thousand dollars ($10,000) in any taxable year contributed to […]

Section 44-42-3. – Definitions.

§ 44-42-3. Definitions. Within the meaning of this chapter: (1) “Institution of higher education” means an educational organization which is described in 26 U.S.C. § 170(b)(1)(A)(ii) and is an institution of higher education (as defined in 26 U.S.C. § 3304(f)) in Rhode Island and any organization described in 26 U.S.C. § 501(c)(3) which is organized […]

Section 44-42-4. – Certification.

§ 44-42-4. Certification. A taxpayer shall not be allowed a credit under § 44-42-2 with respect to the contribution of tangible personal property to an institution of higher education unless the taxpayer receives from the institution a written statement representing that the property will be used by the institution in this state in a manner […]

Section 44-42-5. – Limitation on credit.

§ 44-42-5. Limitation on credit. The credit allowed under this chapter for any taxable year shall not reduce the tax due for that year to less than one hundred dollars ($100). If the amount of credit allowable under this chapter for any taxable year reduces the tax to one hundred dollars ($100), any amount of […]