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.

State: 
Rhode Island
Reporting Jurisdiction: 
Rhode Island
Jurisdiction type
State
Fiscal year ending In: 
2020
Program name: 
Tax Credit for Contributions Tourism development Qualified Scholarship
Program purpose
Education
Statutory authority
Rhode Island General Laws 44-62
Abating jurisdiction(s)
State of Rhode Island
Applicable taxes: 
Business Corporation Tax; Public Service Corporation Tax; Bank Tax; Bank Deposits Tax; Insurance Companies Tax; 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
$1,257,000
Reimbursement / offset
$0
Net revenue loss
$1,257,000
Type of loss
Active
Additional notes on dislosure: 
(none)