Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State or Territory: | Rhode Island |
| Effected Jurisdiction: | Rhode Island |
Jurisdiction type: | State or Territory |
| Fiscal year ending In: | 2022 |
| Program name: | Tax Credit for Contributions to Qualified Scholarship Organizations |
| Program purpose: | Educational development |
| Statutory authority: | Rhode Island General Laws 44-62 |
| Abating jurisdiction(s): | State of Rhode Island |
| Applicable taxes: | Business Corporation, Public Service Corporation, Bank Tax, Bank Deposits, Insurance Company, Personal Income Tax. |
| Method of abatement: | Tax Credit |
| Provisions for recapture: | If the amount of the second-year contribution is less than 80% of the first year contribution, then the credit for both the first and second year contributions shall equal 75% of each year's contribution. In such case, the tax administrator shall prepare the tax credit certificate for the second year at 75%. The difference in credit allowable for the first year (15% of the first year contribution) shall be recaptured by adding it to the taxpayer's tax in that year. |
| Gross revenue loss: | $1,021,000 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $1,021,000 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://controller.admin.ri.gov/sites/g/files/xkgbur621/files/2023-01/AC... |
