§ 44-43-1. Definitions. For the purpose of this chapter: (1) “Average annual gross revenue” means the average of the amounts received or accrued by a qualifying business entity determined on an annualized basis from the sale of goods or services prior to diminution by the cost of those sales or services. The determination is limited […]
§ 44-43-2. Deduction or modification. (a) In the year in which a taxpayer first makes a qualifying investment in a certified venture capital partnership or the year in which an entrepreneur first makes an investment in a qualifying entity, the taxpayer or the entrepreneur shall be allowed: (1) A deduction for purposes of computing net […]
§ 44-43-3. Wage credit. (a) There shall be allocated among the entrepreneurs of a qualifying business entity (based on the ratio of each entrepreneur’s interest in the entity to the total interest held by all entrepreneurs) with respect to each entity on an annual basis commencing with the calendar year in which the entity first […]
§ 44-43-4. Restrictions. (a) The deduction or modification provided in § 44-43-2 and the credit provided in § 44-43-3, shall not reduce the taxes prescribed in chapters 11, 13 and 14 of this title to less than one hundred dollars ($100). Amounts of credits, modifications, or deductions shall not reduce the taxes set forth in […]
§ 44-43-5. Exemption. To the extent that a long-term capital gain was included in the calculations of taxes imposed by chapters 11, 13, 14 or 30 of this title, that long-term capital gain shall be excluded. The long-term capital gain is the long-term capital gain as defined in 26 U.S.C. § 1222(3) which is: (1) […]
§ 44-43-6. Recapture. (a) A taxpayer or entrepreneur which has been allowed a deduction or modification in accordance with § 44-43-2 is required to recapture all the deductions or modifications taken in any taxable year: (1) In which the taxpayer or entrepreneur sells or exchanges or there is a reduction in his or her interest […]
§ 44-43-7. Rules and regulations. The tax administrator is authorized and empowered to make rules and regulations that he or she may deem necessary for the proper administration and enforcement of this chapter, excepting those matters committed by § 44-43-1(2) and (6) to the supervision of the Rhode Island economic development corporation. History of Section.P.L. […]
§ 44-43-8. Exclusion for qualifying securities. (a) For purposes of determining the federal income tax liability of a qualifying taxpayer subject to Rhode Island income tax, the Rhode Island income of the taxpayer under §§ 44-30-12 and 44-30-16 shall be determined by excluding any income, gain, or preference items resulting from the transfer of employer […]
