This credit is for stimulating business development within Rhode Island. It is for a business with a project that has been approved for the credit by the Rhode Island Commerce Corporation.
Rhode Island businesses that demonstrate that even though the business has committed capital investment or owner equity of at least 20% of the total project cost there exists a project financing gap which will likely cause the project not to be completed. The Rhode Island business must be approved by the Rhode Island Commerce Corporation and must possess a tax credit certificate issued by the Rhode Island Division of Taxation.
The original certificate must be attached to the return.
Any unused amounts may be carried forward for 4 years.
See Rhode Island general law 42-64.20-5 for more information.