2014 Ri Investment Tax Credit
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1
2State of Rhode Island and Providence Plantations
RI-3468
2014
DEPARTMENT OF REVENUE
Division of Taxation
INVESTMENT TAX CREDIT
RIGL § 44-31
NAME
IDENTIFICATION NUMBER AS
U.S. BUSINESS CODE NUMBER
SHOWN ON PG1 OF TAX RETURN
ADDRESS
CITY
STATE
ZIP CODE
Check if company is a high
performance manufacturer
Schedule A: 10% Investment Tax Credit Calculation - Attach DLT 10% ITC Certification Letter
Date Placed
Description of Property
Date Acquired
Life
Cost
% Qualifying
Basis for Credit
in Service
(a)
(b)
(c)
(d)
(e)
(f)
(g)
Total Basis Eligible for 10% Investment Tax Credit. Add all amounts from Basis for Credit column . . .
(h)
Credit Amount for 10% Investment Tax Credit. Multiply Total Basis from line g by 10% (0.1000) . . .
Unused 10% Investment Tax Credit from Prior Year(s). . .
(i)
Attach schedule showing Year Generated, Amount Generated, Amount(s) Used and Year(s) Used . . .
(j)
Total 10% Investment Tax Credit Available. Add lines h and i . . .
Schedule B: 4% Investment Tax Credit Calculation
Date Placed
Description of Property
Date Acquired
Life
Cost
% Qualifying
Basis for Credit
in Service
(k)
(l)
(m)
(n)
(o)
(p)
(q)
Total Basis Eligible for 4% Investment Tax Credit. Add all amounts from Basis for Credit column lines k - p. . .
(r)
Credit Amount for 4% Investment Tax Credit. Multiply Total Basis from line q by 4% (0.0400) . . .
Unused 4% Investment Tax Credit from Prior Year(s) . . .
(s)
Attach schedule showing Year Generated, Amount Generated, Amount(s) Used and Year(s) Used . . .
(t)
Total 4% Investment Tax Credit Available. Add lines r and s . . .
ITC Calculation -
Note: This worksheet does not take into account other Rhode Island Credits. Refer to each credit law for proper usage order of credits.
1.
Enter Tax Amount from Form RI-1120C, line 13...................................................................................................................................
2.
Enter Minimum Tax Amount (RI-1120C - enter $500.00)......................................................................................................................
3.
Maximum ITC Amount. Subtract line 2 from line 1............................................................................................................................
4.
Enter 4% credit amount from Schedule B, line t...................................................................................................................................
4% ITC Credit Used. If line 4 is less than or equal to line 3, enter the amount from line 4 here. If line 4 is more than line 3,
5.
enter the amount from line 3 here.........................................................................................................................................................
6.
Tax Balance after 4% ITC credit usage. Subtract line 5 from line 3.................................................................................................
Multiply line 6 times 50% (0.5000) and enter here. 10% ITC is limited to half the tax amount. However, if the entity is a high
7.
performance manufacturer, enter amount from line 6. The half tax limitation does not apply to high performance manufacturers...
8.
10% ITC Credit Used. Enter the lesser of line 7 or the 10% ITC amount from Schedule A, line j.....................................................
9.
2014 ITC Credit. Add lines 5 and 8. Enter here and on Form RI-1120C, Schedule D, line 14A.......................................................
10. 4% ITC carryforward amount. Subtract line 5 from Schedule B, line t.............................................................................................
11. 10% ITC carryforward amount. Subtract line 8 from Schedule A, line j............................................................................................
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