Marcum LLP
Tax & Business

Tax Credits & Incentives - Rhode Island

Watch and Money

Education Assistance and Development Tax Credit:

Credits against corporation tax, bank excise tax, public service corporation tax, and tax on insurance companies are available for qualifying contributions to Rhode Island institutions of higher education. The credit amount is equal to 8% of:

  • The amount in excess of $10,000 in any tax year contributed to an institution of higher education for establishment or maintenance of a faculty chair, department, or research program or education.
  • The amount in excess of $10,000 in any tax year contributed to an institution of higher education for a work fellowship program.
  • The cost or other basis for federal income tax purposes, in excess of $10,000 in any tax year of tangible personal property contributed to an institution of higher education.

The credit cannot reduce the tax due for that year to less than $100.

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Adult Education Credit:

Nonrefundable credit equal to 50% of the costs incurred solely and directly for worksite or non-worksite based adult education programs. The maximum credit per employee is $300, with a maximum credit of $5,000 per employer per year. To be eligible, an employee must work for at least 13 consecutive weeks and have a minimum of 455 paid hours of employment. The credit cannot be carried over.

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Credit for contributions to a scholarship organization:

A credit for businesses that make cash contributions to qualified scholarship organizations. A 75% credit is allowed for a one-year commitment and a 90% credit is allowed for a two-year commitment. The credit is limited to a maximum of $100,000 per year.

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Employment Tax Credit:

An employer that participates in the bonus program can file a tax credit for $250 per participant when a participant has worked 24 consecutive months for the employer.

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Jobs Development Rate Reductions Credit:

For companies that create new employment in Rhode Island, pursuant to the Jobs Development Act, an incremental rate reduction is available. For years after January 1, 2015, the rate of reduction is determined by multiplying 0.20% by the number of new employment units.

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Stay Invested in R.I. Wavemaker Fellowship Credit:

This credit is designed to motivate college graduates, whether with an associate's degree or bachelor's degree, to stay in Rhode Island. This is a personal, refundable income tax credit. To be eligible you must: (A) have graduated from an accredited two-year, four-year, or graduate post-secondary institute of higher learning; and (B) be a full time employee with a Rhode Island-based employer. The credit amount is for a maximum of $1,000 for an associate's degree holder, $4,000 for a bachelor's degree holder, and $6,000 for a graduate or post-graduate degree holder.

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Anchor Institution Tax Credit:

This tax credit rewards an existing Rhode Island business for playing a substantial role in the decision of a qualified business to relocate a minimum number of jobs to the state. For 2015-2018, the minimum numbers of employees to Rhode Island is 10, and for 2019-2020 the minimum number of employees to Rhode Island will be 25. The credit amount is based on certain criteria established by the Commerce Corporation, such as number and types of jobs.

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Rhode Island Qualified Jobs Incentive Tax Credit:

Eligible businesses are allowed a tax credit for creating new full-time jobs. The incentive provides a base tax credit for companies relocating to Rhode Island and creating a minimum number of jobs, or for current Rhode Island companies growing their workforce by a certain percentage. To be eligible for the credit, the minimum number of new full-time jobs is as follows:

  • In a targeted industry, 10 new full-time jobs in Rhode Island for a business that employs not more than 100 full time employees on the date of application.
  • In a targeted industry, at least 10% of the business's existing number of full-time employees, or the creation of at least 100 new full-time jobs if the company already employs more than 100 full-time employees.
  • In a non-targeted industry, the creation of at least 20 new full-time jobs if the company employs not more than 200 full-time employees.
  • In a non-targeted industry, the creation of not less than 10 % of the business's existing number of full-time employees, or the creation of 100 new full-time jobs in Rhode Island.

The credit amount for each new full-time job is $2,500 per year, with a maximum of $7,500 through 2018. The first 500 jobs approved will receive the maximum credit allowed.

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Research and Development Property Credit:

A credit is available for tangible research and development property. The amount of the credit is 10% of the cost of tangible property or other basis for federal income tax purposes. To qualify, the property must: be depreciable, have a useful life of three years or more, be acquired by purchase (defined in IRC 179 d), have situs in Rhode Island, and be used principally for experimental or laboratory research and.

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Credit for Qualified Research Expenses:

Allows for a credit against the business corporation tax or the tax on insurance companies for qualified research expenses. The expenses must have been incurred in Rhode Island. The credit is equal to 22.5% of the first $25,000 worth of credit and 16.9% of any excess. The regulation provides that the credit is equal to 22.5% for expenses up to $111,111 and 16.9% for the remaining expenses over $111,111.

Biotechnology Investment Tax Credit:

This tax credit extends the existing investment tax credits for biotechnology companies from seven to 15 years. A credit is allowed in the amount of 10% of the cost of tangible personal property or other basis for federal tax purposes. The credit applies to any company primarily engaged in commercial biological research and development, or manufacturing and sale of biotechnology products, that pays employees who work at least 30 hours per week in Rhode Island a median annual wage equal to or greater than 125% of the average annual wage paid by all employers in Rhode Island to employees who work a minimum of 30 hours per week within the same industry. There is an extended carryover period beyond seven years but not to exceed 15 years.

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Day-Care Assistance and Development Credit:

A credit is allowed for a taxpayer that pays for or provides adult or child day-care services, or provides real property or dedicates rental space for day-care service to its employees. To be eligible for the credit, the day-care must be licensed and agree to accept children whose services are paid for in part or in full by the Rhode Island Department of Human Services. The credit amount is equal to:

  • 30% of the total amount expended in the state by a taxpayer for day-care services purchased to provide care for the taxpayer's employees.
  • 30% of the total amount expended in the establishment and/or operation of a day-care facility used primarily by the dependent children of the taxpayer's employees.
  • 30% of the total amount expended during the year by a taxpayer in conjunction with one or more other taxpayers for the establishment and/or operation of a day-care facility used primarily by the dependent children of the taxpayer's employees.
  • 30% of the total amount foregone in rent or lease payments. The amount forgone will be the difference between fair market rental and actual rental.

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Investment Tax Credit:

This credit is broken down into two categories: manufacturers and qualified taxpayers.
Manufacturers: An investment credit is taken equal to: (A) 4% of the cost for certain property used by the taxpayer in producing goods by manufacturing, processing, or assembling, and acquired, constructed, or reconstructed after 1993, and (B) 4% of the qualified amounts for leased assets of tangible personal property and other tangible property used in manufacturing after 1998.
Qualified taxpayers: A credit equal to 10% of the cost, and the qualified amounts for leases of assets, tangible personal property and other tangible property after 1998.

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Rebuild Rhode Island Tax Credit:

A credit may be taken for qualified development projects, specifically a construction project or improvement, including lands, buildings, real and personal property or any interest, including lands underwater, riparian rights, space rights, and air rights, undertaken by a developer, owner, or tenant within a specific region. To be eligible: (A) The applicant must have committed capital investments of at least 20% of the total project cost; (B) There is a project financing gap in which the project is not likely to be accomplished without tax credits; and (C) The project fulfills the state's specified policy and planning objectives and priorities. The credit maximum is the lesser of 30% of the total project cost or the amount needed to close a project financing gap.

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Job Training Tax Credit:

Qualifying employees can take a credit of 50% of the expenses incurred to provide training and/or retraining for a qualifying employee. Of this amount, 50% will be allowed in the taxable year in which the expense is paid, and the remaining credit will be taken in the following year. The maximum amount of the credit is $5,000 per employee for any three-year period.

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Motion Picture Production Company Tax Credit:

This tax credit is allowed for motion picture production companies certified by the Rhode Island Film Office. The credit will be 25% of the state-certified production costs incurred within Rhode Island, as long as the budget minimum for the film is $100,000. The maximum credit is $5 million, and no credits will be issued after July 1, 2019. The credit can be carried forward but not for more than three successive years.

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Residential Renewable Energy System Tax Credit:

Taxpayers are entitled to a nonrefundable credit for the cost of purchase of any qualifying renewable energy system installed in a residence. A qualifying renewable energy system is any of the following: a photovoltaic system, a solar domestic hot water system, a solar space heating system, a geothermal system, or a wind-energy system. The credit will equal 25% of the cost of the system. The maximum cost of the photovoltaic system, solar space heating systems, or wind energy systems may not exceed $15,000. The maximum cost of the solar domestic hot water system or the geothermal system may not exceed $7,000.
Minimum requirements:

  • Photovoltaic systems must have a minimum module size of 25 sq. ft.
  • Solar domestic hot water systems must have a minimum collector area of 34 sq. ft. and a storage tank that holds 80 gallons.
  • Wind energy systems must have a rotor diameter of at least 44 inches and minimum output of 250 watts at 28 MPH.
  • Solar space heating systems must have a minimum collector area of 125 sq. ft.
  • Geothermal systems must have either a coefficient of performance of 3.4 or greater, or an efficiency ratio of 16 or greater.

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By eliminating the deduction for most state and local taxes, an individual making a yearly salary of $1,000,000 - a figure not uncommon in the ....

The Hartford Business Journal published an article by State & Local Tax Leader Paul Graney, on the tax changes contained in the bipartisan budget agreement enacted in Connecticut.


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The Hartford Business Journal published an article by State & Local Tax Leader Paul Graney, on the tax changes contained in the bipartisan budget agreement enacted in Connecticut.

On Oct. 31, Gov. Dannel P. Malloy signed a trick-or-treat bipartisan budget agreement that provided for a number of new tax changes. He also vetoed ....

Forbes tapped the expertise of Tax Partner Janis Cowhey for an article about smart ways to tap your retirement money early.


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Forbes tapped the expertise of Tax Partner Janis Cowhey for an article about smart ways to tap your retirement money early.

Ideally, you'll leave the money in your retirement accounts growing untouched until you retire. Uncle Sam imposes a 10% penalty on some early withdrawals to ....

Window for California Competes Tax Credit is Fast Approaching


Tax Flash - Tax Credits & Incentives

Window for California Competes Tax Credit is Fast Approaching

The California Competes Tax Credit program is an award-based program that is funded through the state's general fund. The purpose of the California Competes Tax ....

Research and Development Credit - R&D Expense IRS Directive


Research & Development Credit

Research and Development Credit - R&D Expense IRS Directive

Effective September 11, 2017, the Internal Revenue Service introduced a Research and Development Credit Directive for taxpayers that report R&D costs on GAAP audited financial ....

NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP tax plan.


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NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP tax plan.

NBC Nightly News interviewed New York Tax Leader Maury Cartine for a story about how much President Trump stands to potentially save under the GOP ....

The New York Times spoke with Philadelphia Tax Partner-in-Charge Ed Reitmeyer about the treatment of pass-through income under the House Tax Cuts & Jobs bill.


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The New York Times spoke with Philadelphia Tax Partner-in-Charge Ed Reitmeyer about the treatment of pass-through income under the House Tax Cuts & Jobs bill.

The rewrite of the tax code, which the House passed on Thursday, proposed a 25 percent tax rate for small businesses for owners who report ....

NBC News asked Marcum to analyze the impact of the House Tax Cuts & Jobs Act on the 2005 federal tax return of Donald Trump, and reported the Firm's findings.


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NBC News asked Marcum to analyze the impact of the House Tax Cuts & Jobs Act on the 2005 federal tax return of Donald Trump, and reported the Firm's findings.

President Donald Trump has insisted, for months, that the Republican tax plan he supports won't benefit him. In fact, Trump and his heirs potentially could ....

Senate Committee on Finance Issues Version of Tax Cuts and Jobs Act


Tax Flash

Senate Committee on Finance Issues Version of Tax Cuts and Jobs Act

Last week, the Senate Finance Committee issued its version of the recently released House Tax Cuts and Jobs Act.

Avoid Double Taxation in Tennessee


State & Local Taxation

Avoid Double Taxation in Tennessee

Many Tennessee businesses have an interest in flow through entities subject to Tennessee taxation. The flow through income is reported by both the parent and ....

2017 Marcum Year-End Tax Guide Now Available


Press Release

2017 Marcum Year-End Tax Guide Now Available

Marcum LLP has issued its 2017 Year-End Tax Guide in the midst of Congressional efforts to reform the national tax code. This year's tax guide ....

Bloomberg Markets spoke with Tax Partner Shaun Blogg, Marcum's office managing partner in West Palm Beach, FL, about the impact of tax reform for businesses and individual taxpayers.


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Bloomberg Markets spoke with Tax Partner Shaun Blogg, Marcum's office managing partner in West Palm Beach, FL, about the impact of tax reform for businesses and individual taxpayers.

Shaun Blogg, Marcum's office managing partner in West Palm Beach, FL, discussed the impact of tax reform for businesses and individual taxpayers with Bloomberg Markets.

Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.


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Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

Bloomberg Markets asked Tax Principal Michael D'Addio onto the program to discuss the prospects for the House and Senate tax bills.

The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.


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The Philadelphia Inquirer interviewed Jeffrey Winkleman, partner-in-charge of corporate taxation, and Steve Brett, president of Marcum Financial Services, for an article about the proposed cap on 401(k) contributions.

Wall Street can't be happy about Congress' proposal to cap our yearly 401k contributions at $2,400 - thats the tax-deferred amount we would be able ....

Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.


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Forbes interviewed Tax Partner Janis Cowhey about the increased lifetime estate and gift tax exemption.

Its official. For 2018, the estate and gift tax exemption is $5.6 million per individual, up from $5.49 million in 2017. That means an individual ....

Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017


Tax Flash

Employee Retention Credits under the Disaster Tax Relief and Airport and Airway Extension Act of 2017

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 was signed into law, providing certain temporary tax relief ....

IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses


Tax Flash

IRS and Treasury to Withdraw Proposed Regulations that Would Affect Discounts Applied to Transfers of Family-Owned Businesses

On October 2, 2017, The Trump Administration issued Executive Order 13789. Included in this Executive Order, the IRS and the Treasury establish that they will ....

The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.


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The New York Post interviewed Tax Leader Joseph Perry about the impact of potentially losing the deductions for mortgage interest, property taxes, and state and local taxes.

Homeowners would get a choice between deducting property taxes or mortgage interest on their federal tax returns as Republicans on Tuesday discussed modifications to the ....

Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.


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Financial Advisor magazine spoke with Tax Partner John Mezzanotte about how to help clients save taxes on required minimum distributions from IRA accounts.

Once your client reaches age 70 1/2, he or she must take required minimum distributions (RMDs) annually from taxable IRA and 401(k) accounts.

WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.


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WCBS-TV 2 interviewed Tax Partner Robert Spielman about the impact of the new Tax Reform Framework on Long Island homeowners.

President Donald Trump calls his tax reform plan a middle class miracle. But the elimination of most deductions, including state and local taxes, has some ....

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code


Tax Flash

The Long-Awaited Tax Proposal: The Unified Framework for Fixing our Broken Tax Code

On September 27, 2017, the Trump Administration and Republican leaders released a unified framework for tax reform that would make changes to both individual and ....

Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.


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Tax Partner Robert Spielman wrote about maximizing your charitable contributions for his latest column in the Coconut Creek City News.

There is seemingly no end to the solicitations we receive from qualified charitable organizations seeking our assistance.

CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.


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CNBC spoke with Trusts & Estates Co-Leader David First about the proposed repeal of the estate tax.

Donald Trump rallied the working class, but he is also championing one benefit favoring only the super-rich: eliminating the federal estate tax.

IRS Tax Relief for Hurricane Irma Victims


Tax Flash

IRS Tax Relief for Hurricane Irma Victims

The IRS is providing help to the victims of Hurricane Irma. Special tax relief and assistance is available to taxpayers in the Presidential Disaster Areas. ....

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey


Tax Flash

IRS has Provided Significant Relief for Taxpayers Affected by Hurricane Harvey

As a result of the devastation caused by Hurricane Harvey, IRS has granted two significant forms of relief for those affected by the storm. The ....

The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.


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The Tax Advisor published a semiannual review of recent developments in individual taxation, co-authored by Tax Director Don Zidik.

The IRS issued proposed regulations that update the definition of dependent to be consistent with Sec. 152 and reverse the IRS's previous position regarding when ....

Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.


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Bloomberg TV's Daybreak America invited Tax Leader Joseph Perry back to the program to discuss Washington's agenda for tax reform.

Joseph Perry, tax and business services leader at Marcum LLP, discusses the issues that he feels need to be tackled in order to achieve U.S. ....

Internal Use Software Regulations for the Research Tax Credit


Research & Development

Internal Use Software Regulations for the Research Tax Credit

In 2016, the Internal Revenue Service issued final regulations (T.D. 9786) regarding guidance on software that is developed primarily for a taxpayer’s internal use in ....

Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.


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Tax Partner Paul Graney discussed a revision of the Pennsylvania Department of Revenue ruling on software support tax with Bloomberg BNA.

The Pennsylvania Department of Revenue has revised a controversial letter ruling on computer software support, dialing back guidance in an earlier version that implied training ....

CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.


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CNBC.com interviewed Tax Partner Janis Cowhey about funding pre-school education for grandchildren.

Here's a way for boomers to share the wealth with their children and grandkids: Cover the cost of preschool and shake off gift taxes to ....

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset


Tax Flash

New Businesses or Start-Ups: Get Ready for the New Research and Development Credit Payroll Tax Offset

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax ....

Tax Benefits of Hiring Veterans


Tax Credits & Incentives

Tax Benefits of Hiring Veterans

Our nation's veterans can provide businesses with various benefits, from leadership skills to work ethic and attention to detail. However, hiring veterans can also provide businesses ....

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims


Tax Credits & Incentives

IRS Announces Guidance on Refundable Payroll Taxes of Research and Development Tax Credit Claims

The IRS recently announced guidance regarding filing, claiming and reporting requirements related to the refundable Payroll Tax Credit provisions of the Research and Development (R&D) tax ....

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns


Tax Flash

Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns

In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of ....

New Florida R&D Tax Credit


Tax Flash

New Florida R&D Tax Credit

Tax Credits & Incentives Brochure

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Barry Fischman, Partner, Tax & Business

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Tax & Business
New Haven, CT
 
2017 YEAR-END TAX GUIDE

The Marcum 2017 Year-End Tax Guide continues our tradition of providing timely tax guidance for the upcoming year.

 
 
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