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2012 Form T-74 - Rhode Island Banking Institution Excise Tax Return

SPECIFIC INSTRUCTIONS - page 2

Line 7 - Total Deductions

Line 4 - RI-ZN02 - Distressed Areas Economic Revitalization Act - Wage

Add the amounts from lines 1 through 6. Enter here and on Form T-74,

Credit - Approved benchmark page with new hire information and approval

Schedule A, line 2.

letter from the Enterprise Zone Council must be attached. RIGL §42-64.3-6

SCHEDULE C - ADDITIONS

Line 5 - RI-9261 - Jobs Development Rate Reduction Credit - for busi-

ness entities approved by the Economic Development Corporation.

Form

RI-9261 must be completed and attached to the return.

RIGL §42-64.5

Line 1 - Interest or Dividends

Enter the gross amount of interest income received or accrued with respect

Line 6 - Other Credits - Use this line if you have a Rhode Island credit that

to all obligations of any state, territory or possession of the United States or

is not listed above. Write in the Credit Number and Credit Name on the dot-

any political subdivision of the foregoing, or the District of Columbia other

ted line next to the “Other Credits”. Complete documentation must be pro-

than Rhode Island or its political subdivisions not included on lines 5 and 10

vided for any credits listed on this line. If documentation is not attached, the

of U.S. Form 1120.

credit amount will be disallowed.

Line 2 - Rhode Island Bank Excise Taxes

Line 7 - Total Rhode Island Credits - Add lines 1 through 6 and enter the

Enter the Rhode Island bank excise taxes paid or accrued which are deduct-

total credit amount on this line and on Form T-74, page 1, Schedule A, line 10.

ed on the federal return on lines 2 or 17 for the taxable year.

Line 3 - Bonus Depreciation Adjustment

SCHEDULE E – FINAL DETERMINATION OF NET

Enter the entity’s bonus depreciation amount less its normal depreciation

INCOME BY FEDERAL GOVERNMENT

amount.

Line 4 - Non-security Losses

If the Federal Government has changed your taxable income for any prior

Attach a schedule of losses included on Federal Schedule D or Federal Form

year which has not been reported to the Tax Administrator, check “Yes” and

4797 which do no relate to securities. These losses are deductible for

submit an amended Form T-74 with any tax due. If there has been no

Rhode Island bank excise tax purposes.

change in taxable income by the Federal Government, check “No.”

Line 5 - Other Income

Attach a schedule of any additional additions required under Rhode Island

SCHEDULE F – GENERAL INFORMATION

law not listed on lines 1, 2, 3 and 4.

Line 6 - Total Deductions

Enter the requested information regarding your business entity.

Add the amounts from lines 1 through 5. Enter here and on Form T-74,

Schedule A, line 3.

SCHEDULE G - ALLOCATION FACTOR

SCHEDULE D - RHODE ISLAND CREDITS

Line 1 - Average Net Book Value Factor

Real and tangible personal property owned is valued at book value. Real and

All supporting documentation for any credit being used must be attached to

tangible personal property rented is valued at 8 times the annual net rental

Form T-74 in order for credit to be given. If complete documentation is not

rate. The annual net rental rate shall be reduced (but not to less than zero)

submitted, the credit will be disallowed until the documentation is provided.

by the annual rental rate received from subrentals.

For the Historic Preservation Investment Tax Credit, the Motion

Picture Production Company Tax Credit, the Musical and Theatrical

“Tangible personal property” means such property as machinery, tools,

Production Tax Credit and the Tax Credit for Contributions to

implements, goods, wares, and merchandise. It does not include cash, shares

Scholarship Organizations, the original certificate - not a copy - must be

of stock, bonds, notes, credits, or evidences of an interest in property and evi-

attached to the return. If the credit is an amount carried forward from a

dences of debt.

prior year, attach a carry forward schedule to your return showing the type

of credit, the certificate number, the original credit amount, the amount of

Line 2 - Receipts Factor

credit taken by year, and the amount of credit available for the current

year’s return.

2a) Lease/Rental of Real Property

Any income earned through the leasing or renting of real property.

Line 1 - RI-2276 - Contribution to Scholarship Organizations Tax Credit

- for business entities that make contributions to qualified scholarship organ-

2b) Lease/Rental of Transportation Property

izations. The entity must apply for approval of the tax credit and will receive

a tax credit certificate issued by the Division of Taxation.

The original cer-

Any income earned through the lease or rental of transportation (i.e. vehicles)

tificate must be attached to the return.

The credit must be used in the tax

property.

year that the entity made the contribution. Unused amounts CANNOT be

carried forward. RIGL §44-62

2c) Interest income from Loans Secured by Real Property

Any interest received from loans secured through real property ownership.

Line 2 - RI-286B – Historic Structures - Tax Credit (Historic Preservation

Investment Tax Credit) - for approved rehabilitation of certified historic

structures.

The original certificate must be attached to the return.

Any

2d) Receipts from Credit Card Receivables

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

Any income received from the issuance of credit cards and the resulting receiv-

33.2

ables.

Line 3 - RI-8201 - Motion Picture Production Tax Credit - for certified pro-

2e) Interest income from Loans Not Secured by Real Property

duction costs as determined by the Rhode Island Film and Television Office.

The original certificate must be attached to the return.

Unused credit

Any interest received from loans not secured through real property ownership.

amounts may be carried forward for three (3) years. RIGL §44-31.2.

AND

2f) Receipts from Services

Musical and Theatrical Production Tax Credits - for certified production

Gross income from services attributed to Rhode Island. A service is attributed

and performance expenditures and transportation expenditures costs as

to Rhode Island if the service is performed in Rhode Island.

determined by the Rhode Island Division of Taxation.

The original certifi-

cate must be attached to the return.

Unused credit amounts may be car-

ried forward for three (3) years. RIGL §44-31.3.

Form T-74 - Rhode Island Banking Institution Excise Tax Return Specific Instructions - 2012 Page 2

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