280-20-20 R.I. Code R. § 2.1
Current through June 20, 2024
A credit is available to corporations, sole proprietors, or passed through from partnerships, joint ventures or subchapter S corporations for qualified research expenses. The credit is 5% of the excess (if any) of the qualifying research expenses in the taxable year over the base period expenses. The expenses must have been incurred in Rhode Island after July 1, 1994. For periods January 1, 1998 and thereafter, the credit is 22.5% for expenses up to $111,111 and 16.9% for the remaining expenses over $111,111.
280 R.I. Code R. § 280-RICR-20-20-2.1