2019 -- H 5634 | |
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LC000154 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2019 | |
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A N A C T | |
RELATING TO TAXATION - EDUCATION ASSISTANCE AND DEVELOPMENT TAX | |
CREDIT | |
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Introduced By: Representatives Solomon, Casey, Johnston, Vella-Wilkinson, and | |
Date Introduced: February 27, 2019 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-42-2 of the General Laws in Chapter 44-42 entitled "Education |
2 | Assistance and Development Tax Credit" is hereby amended to read as follows: |
3 | 44-42-2. Tax credit. |
4 | A taxpayer shall be allowed a credit against the tax imposed by chapters 11, 13 (except ยง |
5 | 44-13-13), 14 and 17 of this title. The amount of the credit shall be eight percent (8%) of: |
6 | (1) The amount in excess of ten thousand dollars ($10,000) in any taxable year |
7 | contributed to an institution of higher education for the establishment or maintenance of a faculty |
8 | chair, department, or program for scientific research or education; |
9 | (2) The amount in excess of ten thousand dollars ($10,000) in any taxable year |
10 | contributed to an institution of higher education for a work fellowship program that is providing |
11 | training connected with scientific research or education and is established by an institution of |
12 | higher education for the students of an institution; and |
13 | (3) The cost or other basis for federal income tax purposes, determined immediately prior |
14 | to the contributions, in excess of ten thousand dollars ($10,000) in any taxable year of tangible |
15 | personal property contributed to an institution of higher education for use in an educational, |
16 | training, or research program for scientific research or education conducted by an institution in |
17 | this state, excluding sale discounts and sale-gift or similar arrangements pertaining to the |
18 | purchase of equipment.; and |
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1 | (4) The amount in excess of ten thousand dollars ($10,000) in any taxable year for any |
2 | person, firm, association, foundation, corporation, or business entity for any sums of money |
3 | contributed to a public school district or department for the express purpose of making physical |
4 | improvements to a school within the district or department, pursuant to chapter 89 of title 16. |
5 | SECTION 2. This act shall take effect on January 1, 2020. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - EDUCATION ASSISTANCE AND DEVELOPMENT TAX | |
CREDIT | |
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1 | This act would create a tax credit for the amount in excess of ten thousand dollars |
2 | ($10,000) contributed to a public school district for the express purpose of making physical |
3 | improvements to a school. |
4 | This act would take effect on January 1, 2020. |
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