Form Ri 5009 - Rhode Island Computation Of Educational Assistance And Development Tax Credit - 2002 Page 2
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2( Carry to appropriate line of form RI-1120, T-71, T-72 or T-74)
17.__________
RI 5009
2002
EDUCATIONAL ASSISTANCE AND DEVELOPMENT TAX CREDIT
INSTRUCTIONS
(Chapter 44-42)
LIMITATIONS OF THE CREDIT:
The credit is allowed against the business corporation tax (44-11), public service tax (44-13) except the tax in 44-13-
13, bank tax (44-14) and insurance tax (44-17). The credit may not reduce the tax to less that $100.00.
COMPUTATION OF THE CREDIT:
The credit is computed at 8% of the amount in excess of $10,l000 in each category contributed in any taxable year
to an institution of higher education in Rhode Island for:
1.
The establishment or maintenance of a faculty chair, department or program for scientific research or
education.
2.
A work fellowship program providing training connected with scientific research or education and is
established by an institution of higher education for the students of the institution.
3.
A contribution of tangible personal property for use in an educational, training, or research program for
scientific research or education. The credit is based on the cost or other basis for federal income tax
purposes (determined immediately prior to such contributions). Excluded are sale discounts and sale/gift
or similar arrangements pertaining to the purchase of equipment.
DEFINITIONS:
1.
“Institution of higher education: shall mean an educational organization which is described in subsection (b)
(1) (A) (iii) of section 170 of the Internal Revenue Code of 1954 and is an institution of higher education (as defined in section
3304 (f) of the Internal Revenue Code of 1954) in Rhode Island and any organization described in section 501 (c)(3) of the
Internal Revenue Code of 1954 which is organized and operated for the exclusive benefit of any such institution.
2.
“Scientific research or education” shall mean research or education in engineering or engineering
technologies, the physical and biological sciences, computer science and technologies, mathematics, and electronic and
automated medical and industrial equipment and instrument operations.
CREDITS CARRIED FORWARD
Any unused credit may be carried forward for five years. No carryback is permitted.
CERTIFICATION:
A taxpayer shall not be allowed a credit with respect to the contribution of tangible property to an institution of higher
education unless the taxpayer received from the institution a written statement representing that the property will be used by
the institution in Rhode Island in a manner that will satisfy the requirements set forth in Chapter 44-42. Copy of certification
to be attached.
CONSOLIDATED RETURNS
In the case of a business corporation filing a consolidated return (44-11), a credit will be allowed against the tax of
only that corporation that qualifies for the credit and will not be allowed against the tax of other corporations that may join in
the filing of a consolidated state tax return.
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