870 R.I. Code R. 17 - Assignment of Tax Credit

(a) A Tax Credit Certificate may be assigned, provided that no Credit has been claimed based on the Tax Credit Certificate being assigned. The Tax Credit Certificate may be assigned by endorsing the assignment clause set forth on the Certificate and delivery of the original Certificate to the Assignee.

(b) The Assignee may use the Tax Credit only to offset the actual tax imposed for and for those taxes permitted to be offset under the Act as delineated in the Incentive Agreement, the taxable year in which the Credit is issued during the Eligibility Period.

(c) The original executed Tax Credit Certificate shall be attached to the tax return of the Applicant or Assignee who desires to claim the Credit.

(d) An Assignor of all or any portion of the Tax Credit, shall notify the Tax Division in writing within thirty (30) calendar days following the effective date of such assignment. Attached to such written notification (the Notification of Assignment) shall be:

(1) a copy of the Tax Credit Certificate, endorsed to the Assignee. The original Certificate shall not be included with the Notification of Assignment, which must be retained by the Assignee and attached to the Assignee's tax return for the year with respect to which the Tax Credit is claimed;

(2) The name, address and telephone number of the Assignor and of the Assignee;

(3) The taxpayer identification number or social security number of the Assignor and the Assignee; and

(4) For non-resident entities, the name and address of such entity's registered agent in the State of Rhode Island and evidence of qualification to do business in Rhode Island.

(e) If the holder of a Tax Credit Certificate desires to assign its interest in the Credit to more than one Assignee, prior to utilizing any portion of the Tax Credit, the holder must request the Tax Division to reissue the original Certificate in such number of Certificates as the holder requires. The request must be made in writing, must specify the number of new Certificates required and the amount to be specified on each Certificate, and must attach the Original Certificate for cancellation by the Tax Division.

(f) The Tax Division may charge an administrative fee for issuing multiple Tax Credit Certificates or for reissuing Certificates.

Notes

870 R.I. Code R. 17