§ 44-55-4.1. Incentive provisions. (a) The deduction or modification is not refundable but may be used by the claimant business for the tax against it pursuant to chapters 11, 13, 14, 15, 17, and 30 of this title, not including any tax imposed under § 44-13-13 or other similar provisions in the following manner:
(1) A deduction for purposes of computing net income in accordance with chapter 11 of this title;
(2) A deduction from gross earnings for purposes of computing the public service corporation tax in accordance with chapter 13 of this title;
(3) A deduction for the purposes of computing net income in accordance with chapter 14 of this title;
(4) A deduction for the purposes of computing deposits in accordance with chapter 15 of this title;
(5) A deduction for the purposes of computing gross premiums in accordance with chapter 17 of this title; or
(6) A modification reducing federal adjusted gross income in accordance with chapter 30 of this title.
(b) The modification allowed under this chapter for any taxable year shall not reduce the tax due for that year to below the minimum tax imposed under the applicable chapter of this title. Any amount of modification not used in that taxable year may not be carried over to the following year.
(c) In the event that the claimant business is electing a subchapter S corporation, limited liability company, partnership, or a joint venture, the incentive shall be divided as income.
(d) In the event that the taxpayer is liable for taxes imposed under both chapters 14 and 15 of this title, the taxpayer must elect the tax against which it wishes to claim the incentive. This election shall be made as part of the taxpayer's filings in accordance with §§ 44-14-6 and 44-15-5. The taxpayer may not divide the incentive for any year between the two (2) tax liabilities for which it is liable.
(e) In the event that the hiring of the employee is used to obtain any other tax incentive or tax benefit for the business, then the business will not be eligible for the incentive available in this chapter.
History of Section. (P.L. 1997, ch. 362, § 1.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.