2018 -- H 7666

========

LC003334

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2018

____________

A N   A C T

RELATING TO TAXATION - EDUCATION ASSISTANCE AND DEVELOPMENT TAX

CREDIT

     Introduced By: Representatives Solomon, and Phillips

     Date Introduced: February 15, 2018

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-42-2 of the General Laws in Chapter 44-42 entitled "Education

Assistance and Development Tax Credit" is hereby amended to read as follows:

     44-42-2. Tax credit.

     A taxpayer shall be allowed a credit against the tax imposed by chapters 11, 13 (except §

44-13-13), 14 and 17 of this title. The amount of the credit shall be eight percent (8%) of:

     (1) The amount in excess of ten thousand dollars ($10,000) in any taxable year

contributed to an institution of higher education for the establishment or maintenance of a faculty

chair, department, or program for scientific research or education;

     (2) The amount in excess of ten thousand dollars ($10,000) in any taxable year

contributed to an institution of higher education for a work fellowship program that is providing

training connected with scientific research or education and is established by an institution of

higher education for the students of an institution; and

     (3) The cost or other basis for federal income tax purposes, determined immediately prior

to the contributions, in excess of ten thousand dollars ($10,000) in any taxable year of tangible

personal property contributed to an institution of higher education for use in an educational,

training, or research program for scientific research or education conducted by an institution in

this state, excluding sale discounts and sale-gift or similar arrangements pertaining to the

purchase of equipment.; and

     (4) The amount in excess of ten thousand dollars ($10,000) in any taxable year for any

person, firm, association, foundation, corporation, or business entity for any sums of money

contributed to a public school district or department for the express purpose of making physical

improvements to a school within the district or department, pursuant to chapter 89 of title 16.

     SECTION 2. This act shall take effect on January 1, 2019.

========

LC003334

========

LC003334 - Page 2 of 3

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION - EDUCATION ASSISTANCE AND DEVELOPMENT TAX

CREDIT

***

     This act would create a tax credit for the amount in excess of ten thousand dollars

($10,000) contributed to a public school district for the express purpose of making physical

improvements to a school.

     This act would take effect on January 1, 2019.

========

LC003334

========

LC003334 - Page 3 of 3