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Tax Break Tracker Individual Entry

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.

StateRhode Island
Effected JurisdictionRhode Island
Jurisdiction type: State
Fiscal year ending In2023
Program nameTax 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 taxesBusiness 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: $1,491,000
Reimbursement / offset: $0
Net revenue loss: $1,491,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://controller.admin.ri.gov/sites/g/files/xkgbur621/files/2024-02/AC...