Section 280-RICR-20-20-14.7 - Limitation, Carryovers and MiscellaneousA. No deduction for research and development facilities under R.I. Gen. Laws § 44-32-1 shall be allowed for research and development property for which the credit is allowed under these provisions. B. No investment tax credit under R.I. Gen. Laws § 44-31-1 shall be allowed for research and development property for which the credit is allowed under these provisions.C. Consolidated returns: The credit allowed for research and development property for which the credit is claimed under these provisions shall only be allowed against the tax of that corporation included in a consolidated return that qualifies for the credit and not against the tax of other corporations that may join in the filing of a consolidated return. D. Division of the credit: In the event that the taxpayer is a partnership, joint venture or small business corporation, the credit shall be divided in the same manner as income.E. Order of credits: The investment tax credit allowed by R.I. Gen. Laws § 44-31-1 shall be used by the taxpayer before the credit claimed under these provisions.F. Minimum tax and carryover: In the case of corporations, the credit for research and development property allowed shall not reduce the tax due to less than the minimum fixed by R.I. Gen. Laws § 44-11-2(e). However, any amount of credit not used in such taxable year may be carried over to the following year or years, up to a maximum of seven (7) years, and may be credited against the taxpayer's tax for such year or years. For purposes of R.I. Gen. Laws Chapter 44-30, if the credit allowed exceeds the taxpayer's tax for such year, the amount of credit not used in such taxable year may be carried over to the following year or years, up to a maximum of seven (7) years, and may be credited against the taxpayer's tax for such year or years. 280 R.I. Code R. § 280-RICR-20-20-14.7