Research & Development Expense Credit
Rhode Island offers a 22.5% tax credit for increases in qualified research expenses - the highest rate in America. This credit is available to corporations, sole proprietorships or passed through from partnerships, joint ventures and S corporations. If the increase above base period expenditures exceeds $111,111, the credit equals 16.9% of the excess. Unused credits may be carried forward for up to seven years.
For More Information Follow These Web Links
- RI Division of Taxation Regulation: http://www.tax.state.ri.us/regs/regs/cr03-07.htm
- RI General Law: http://www.rilin.state.ri.us/Statutes/TITLE44/44-32/INDEX.HTM
Jean Robertson