H7441

	2022 -- H 7441
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	LC003529
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	STATE OF RHODE ISLAND
	IN GENERAL ASSEMBLY
	JANUARY SESSION, A.D. 2022
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	A N A C T
	RELATING TO TAXATION -- EDUCATION ASSISTANCE AND DEVELOPMENT TAX
	CREDIT

	Introduced By: Representatives Solomon, McNamara, Casimiro, and Noret
	Date Introduced: February 11, 2022
	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 §
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 contributed
7	to an institution of higher education for the establishment or maintenance of a faculty chair,
8	department, or program for scientific research or education;
9	(2) The amount in excess of ten thousand dollars ($10,000) in any taxable year contributed
10	to an institution of higher education for a work fellowship program that is providing training
11	connected with scientific research or education and is established by an institution of higher
12	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 this
17	state, excluding sale discounts and sale-gift or similar arrangements pertaining to the purchase of
18	equipment; and

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, 2023.
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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 ($10,000)
2	contributed to a public school district for the express purpose of making physical improvements to
3	a school.
4	This act would take effect on January 1, 2023.
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