Form Ri-1041 - Rhode Island Fiduciary Income Tax Return - 2012 Page 9


ule showing the source and amount of income
Line 3P – Recapture of Scituate Medical Savings
If the credit you are trying to use is not listed below,
claimed to be exempt. RIGL §44-30-12(c)(1)
that credit is no longer allowed against personal
income tax. Entering an amount for an ineligible
Line 3B – RI fiduciary adjustment as beneficiary of
credit on one of these lines or on an attached state-
an estate or trust under RIGL §44-30-17.
Line 3Q – Amounts of insurance benefits for
ment will delay the processing of your return and
dependents and domestic partners included in
result in the disallowance of the credit.
Line 3C – Elective deduction for new research and
Federal AGI pursuant to chapter 12 of title 36 or
development facilities under RIGL §44-32-1
other coverage plan - RIGL §44-30-12(c)(6).
Line 1 - Tax Credits for Contributions to
Scholarship Organizations - RI-2276 - for busi-
Line 3D – Railroad Retirement benefits included in
Line 3R –
Rhode Island full-year residents
ness entities that make contributions to qualified
gross income for federal income tax purposes but
only.Up to $10,000 in unreimbursed expenses for
scholarship organizations. The entity must apply for
exempt from state income taxes under the laws of
travel, lodging and lost wages incurred by an indi-
approval of the tax credit and will receive a tax cred-
the United States.
vidual as a result of the individual donating one or
it certificate issued by the Division of Taxation.
more of his/her organs to another human being for
original certificate must be attached to the
Line 3E – Qualifying investment in a certified ven-
organ transplantation under RIGL §44-30-12(c)(7).
The credit must be used in the tax year that
ture capital partnership under RIGL §44-43-2.
Modification can only be taken once during the life-
the entity made the contribution. Unused amounts
time of the individual and is taken in the year that
CANNOT be carried forward. RIGL §44-62
Line 3F – Family Education Accounts under RIGL
the human organ transplantation occurs.
Line 2 - Historic Structures - Tax Credit (Historic
Line 3S - Under RIGL §42-64.3-7 a domiciliary of
Preservation Investment Tax Credit) - RI-286B –
Line 3G – Tuition Saving Program (section 529
an enterprise zone who owns and operates a quali-
for approved rehabilitation of certified historic struc-
accounts) RIGL §44-30-12(c)(4) - A modification
fied business facility in that zone may, for the first
The original certificate must be attached
decreasing federal adjusted gross income may be
three years after certification, reduce federal AGI by
to the return.
Any unused credit amount may be
claimed for any contributions made to a Rhode
$50,000 per year and may, for the fourth and fifth
carried forward for ten (10) years. RIGL §44-33.2
Island account under the tuition savings program.
years, reduce federal AGI by $25,000 per year.
The maximum modification shall not exceed $500,
Note: This credit is for holders of a Historic
$1,000 if a joint return.
Line 3T - Income from the discharge of business
Preservation Investment Tax Credit certificate
the American
received under the state’s Historic Structures
Line 3H – Exemptions from tax on profit or gain for
Recovery and Reinvestment Act of 2009 under §44-
program only. This credit is NOT for owners of
writers, composers and artists residing within a sec-
66-1. When claimed as income on a federal tax
historic residences who qualified under the
tion of the defined Economic Development Zone as
return, this income may be reported as a decreas-
Historic Homeownership Assistance Act - RIGL
defined in RIGL §44-30-1.1 within the cities of
ing modification to federal adjusted gross income to
Newport, Providence, Pawtucket, Woonsocket or
the extent it was previously included as Rhode
Warwick, or the Towns of Little Compton, Tiverton,
Island income.
Line 3 - Motion Picture Production Tax Credits or
Warren or Westerly and creating artistic works while
Musical and Theatrical Production Tax Credits -
a resident of the Zone. Taxpayers claiming these
Line 3U– Total Modifications Decreasing Federal
RI-8201 - for certified production costs as deter-
modifications must submit a schedule showing the
Total Income: Add lines 3A through 3T. Enter as a
mined by the Rhode Island Film and Television
source and amount of income claimed to be
negative number here and on page 1, Form RI-
Office or the Division of Taxation.
The original cer-
1041, line 3.
tificate must be attached to the return.
unused credit amount may be carried forward for
Line 3I – Depreciation that has not been taken for
three (3) years. RIGL §44-31.2 and RIGL §44-31.3.
federal purposes because of the bonus depreciation
that must be subtracted from Rhode Island income
Line 4 - TOTAL CREDITS - Add lines 1, 2 and 3.
- RIGL §44-61-1.
Enter the total here and on RI-1041, page 1, line 12.
Line 3J – Depreciation that has not been taken for
federal purposes because of the increased section
179 depreciation was not taken originally - RIGL
f a Rhode Island credit amount must be recap-
tured, enter the credit number, the credit name,
This credit schedule details “Other Rhode Island
and the amount of the credit to be recaptured in
Line 3K – Allowable modification for performance
Credits” being used on your RI-1041. Each Rhode
the space provided on lines 5 and 6.
based compensation realized by an eligible employ-
Island credit has its own line. On the appropriate
ee under the Rhode Island Jobs Growth Act under
line, enter the dollar amount of the credit being
RIGL §42-64.11-4.
RECAPTURED - Add lines 5 and 6. Enter here
taken. The total of all credits will be entered on
and on RI-1041, page 1, line 14B.
page 1, Form RI-1041, line 12.
Line 3L – Modification for exclusion for qualifying
option under RIGL §44-39.3-1 AND modification for
Proper documentation must be submitted for
exclusion for qualifying securities or investments
under RIGL §44-43-8.
each credit you are using or carrying forward.
Line 3M – Modification for Tax Incentives for
If you are using amounts carried forward from prior
Employers under RIGL §44-55-4.1.
years, attach a schedule showing the year of credit
origination and any amounts used to date.
Line 3N – Historic Structures Tax Credit income,
Motion Picture Production Company Tax Credit
Any missing or incomplete documentation may
income or Musical and Theatrical Production Tax
cause a delay in processing your return.
Credit income reported on Federal return that is tax
exempt under RIGL §44-33.2-3(e)(2), RIGL §44-
Pursuant to RIGL 44-30-2.6(c)(3)(E), only the
31.2-9(c), and RIGL §44-31.3-2(b)(6), respectively.
aforementioned credits are allowed as credits
against Rhode Island Fiduciary Income Tax. No
Line 3O – Active duty military pay of Nonresidents
other credits can be allowed. This also pertains
stationed in Rhode Island, as well as the income of
to any carry forward of a credit that is not listed
their nonresident spouses for services performed in
Rhode Island.
Page I-4


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