Introduced By: Representative Kilmartin
Date Introduced : February 3, 1998
It is enacted by the General Assembly as follows:
SECTION 1. Section 44-39.2-2 of the General Laws in Chapter 44-39.2 entitled "Alternative Fueled Vehicle and Filling Station Tax Credit" is hereby amended to read as follows:
44-39.2-2. Tax credits for businesses. [Repealed effective January 1, 2003.]. -- (a) There shall be allowed as a credit against the tax liability imposed against a taxpayer pursuant to chapter 11 of this title, {ADD chapter 13 of this title, ADD} or chapter 30 of this title, with respect to income years of such taxpayer commencing on or after January 1, 1998, and prior to January 1, 2003, an amount equal to fifty percent (50%) of the capital, labor and equipment costs incurred by such taxpayer directly for the construction of any filling station or improvements to any existing filling station in order to provide alternative fuel or for the construction of any recharging station or improvements to any existing recharging station in order to provide for the recharging of electric vehicles.
(b) There shall be allowed as a credit against the tax imposed on a taxpayer pursuant to chapter 11 of this title, {ADD chapter 13 of this title, ADD} or chapter 30 of this title, with respect to income years of such taxpayer commencing on or after January 1, 1998, and prior to January 1, 2003, an amount equal to fifty percent (50%) of the incremental costs incurred by such taxpayer for purchase of alternative fueled motor vehicles or the capital, labor and equipment cost of the conversion of motor vehicles so that they can use alternative fuels.
(c) The amount of the credit allowed by this chapter may be transferred and/or assigned by one (1) taxpayer to another, provided that the transferee is a parent, subsidiary, or affiliate of, or is subject to common ownership, management and control with, the transferor.
(d) In the case where the credit allowed by this chapter exceeds the amount of tax liability imposed against a taxpayer pursuant to chapter 11 of this title, {ADD chapter 13 of this title, ADD} or chapter 30 of this title, and to the extent the taxpayer has not transferred or assigned its credits pursuant to subsection (c) of this section, the taxpayer may carry forward such unused credit or any unused portions thereof and apply the credit to its tax liability for any one (1) or more of the succeeding five (5) years.
SECTION 2. This act shall take effect upon passage.
