Form Ri-1040 - Rhode Island Tax Computation Worksheet

Line 2e – Qualifying investment in a certified venture capital partnership

fication can only be taken once during the lifetime of the individual and is

under RIGL §44-43-2.

taken in the year that the human organ transplantation occurs.

Line 2f – Family Education Accounts under RIGL §44-30-25(f).

Line 2s - Under RIGL §42-64.3-7 a domiciliary of an enterprise zone who

owns and operates a qualified business facility in that zone may, for the first

Line 2g – Tuition Saving Program (section 529 accounts) RIGL §44-30-

three years after certification, reduce federal AGI by $50,000 per year and

12(c)(4) - A modification decreasing federal adjusted gross income may be

may, for the fourth and fifth years, reduce federal AGI by $25,000 per year.

claimed for any contributions made to a Rhode Island account under the tu-

ition savings program. The maximum modification shall not exceed $500,

Line 2t - Income from the discharge of business indebtedness deferred

$1,000 if a joint return. (See General Instructions on page I-3 for more de-

under the American Recovery and Reinvestment Act of 2009 under §44-66-

tails).

1. When claimed as income on a federal tax return, this income may be re-

ported as a decreasing modification to federal adjusted gross income to the

Line 2h – Exemptions from tax on profit or gain for writers, composers and

extent it was previously included as Rhode Island income.

artists residing within a section of the defined Economic Development Zone

as defined in RIGL §44-30-1.1 within the cities of Newport, Providence, Paw-

Line 2u – Total Modifications Decreasing Federal Adjusted Gross In-

tucket, Woonsocket or Warwick, or the Towns of Little Compton, Tiverton,

come: Add lines 2a through 2t. Enter as a negative number.

Warren or Westerly and creating artistic works while a resident of the Zone.

Taxpayers claiming these modifications must submit a schedule showing the

Line 3 – Net Modifications to Federal Adjusted Gross income: Combine

source and amount of income claimed to be exempt.

lines 1i and 2u. Enter the amount here and on RI-1040, page 1, line 2.

Line 2i – Depreciation that has not been taken for federal purposes because

of the bonus depreciation that must be subtracted from Rhode Island income

- RIGL §44-61-1. (See General Instructions on page I-2 for more details)

RI SCHEDULE CR

OTHER RI CREDITS

Line 2j – Depreciation that has not been taken for federal purposes because

of the increased section 179 depreciation was not taken originally - RIGL

§44-61-1.1. (See General Instructions on page I-3 for more details).

CURRENT YEAR OTHER RI CREDITS:

Line 2k – Allowable modification for performance based compensation re-

alized by an eligible employee under the Rhode Island Jobs Growth Act

This credit schedule details “Other Rhode Island Credits” being used on your

under RIGL §42-64.11-4.

RI-1040. Each Rhode Island credit has its own line. On the appropriate

line, enter the dollar amount of the credit being taken. The total of all credits

Line 2l – Modification for exclusion for qualifying option under RIGL §44-

will be entered on Form RI-1040, page 1, line 9c.

39.3 AND modification for exclusion for qualifying securities or investments

under RIGL §44-43-8.

Proper documentation must be submitted for each credit you are using

or carrying forward.

Line 2m – Modification for Tax Incentives for Employers under RIGL §44-

55-4.1. Attach Form RI-107.

If you are using amounts carried forward from prior years, attach a schedule

showing the year of credit origination and any amounts used to date.

Line 2n – Historic Structures - Tax Credit income, Motion Picture Production

Company Tax Credit income or Musical and Theatrical Production Tax Credit

Any missing or incomplete documentation will cause a delay in processing

income reported on Federal return that is tax exempt under RIGL §44-33.2-

your return.

3(e)(2), RIGL §44-31.2-9(c), and RIGL §44-31.3-2(b)(6), respectively.

Line 2o – Active duty military pay of Nonresidents stationed in Rhode Island,

Pursuant to RIGL 44-30-2.6(c)(3)(E), only the following credits are

as well as the income of their nonresident spouses for services performed

allowed as credits against Rhode Island Personal Income Tax. No

in Rhode Island. Income for services performed by the servicemember’s

other credits can be allowed. This also pertains to any carry forward

spouse in Rhode Island would be exempt from Rhode Island income tax

of a credit that is not listed in this section.

only if the servicemember’s spouse moves to Rhode Island solely to be with

the servicemember complying with military orders sending him/her to Rhode

If the credit you are trying to use is not listed on lines 1 through 3, that means

Island. The servicemember and the servicemember’s spouse must also

the credit is no longer allowed against personal income tax. Entering an

share the same non-Rhode Island domicile.

amount for an ineligible credit on one of these lines or on an attached state-

ment will delay the processing of your return and result in the disallowance

Not all income earned by the servicemember or his/her spouse is exempt

of the credit.

from Rhode Island income tax. Non-military pay of the servicemember, as

well as business income, gambling winnings or income from the ownership

Line 1 - Tax Credits for Contributions to Scholarship Organizations -

or disposition of real or tangible property earned from Rhode Island by either

RI-2276 - for business entities that make contributions to qualified scholar-

the servicemember or his/her spouse is still subject to Rhode Island income

ship organizations. The entity must apply for approval of the tax credit and

tax.

will receive a tax credit certificate issued by the Division of Taxation.

The

original certificate must be attached to the return.

The credit must be

Note: The military servicemember and/or his/her spouse may be asked to

used in the tax year that the entity made the contribution. Unused amounts

submit proof of residency to support taking this modification.

CANNOT be carried forward. RIGL §44-62

Line 2p – Contributions to a Scituate Medical Savings Account deemed tax-

Line 2 - Historic Structures - Tax Credit (Historic Preservation Invest-

able under the Internal Revenue Code, but tax exempt under RIGL §44-30-

ment Tax Credit) - RI-286B – for approved rehabilitation of certified historic

25.1(d)(1).

structures.

The original certificate must be attached to the return.

Any

unused credit amount may be carried forward for ten (10) years. RIGL §44-

Line 2q - Amounts of insurance benefits for dependents and domestic part-

33.2

ners included in Federal adjusted gross income pursuant to chapter 12 under

title 36 under §44-30-12(c)(6).

Note: This credit is for holders of a Historic Preservation Investment

Tax Credit certificate received under the state’s Historic Structures pro-

Line 2r - Rhode Island full-year residents only. Up to $10,000 in unreim-

gram only. This credit is NOT for owners of historic residences who

bursed expenses for travel, lodging and lost wages incurred by an individual

qualified under the Historic Homeownership Assistance Act - RIGL §44-

as a result of the individual donating one or more of his/her organs to another

33.1.

human being for organ transplantation under RIGL §44-30-12(c)(7). Modi-

Page I-7

Form Ri-1040 - Rhode Island Tax Computation Worksheet - 2013 Page 7

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