§ 42-64.3-7 - Resident business owner tax modification.
SECTION 42-64.3-7
§ 42-64.3-7 Resident business owner taxmodification. – (a) In computing his or her annual tax liability pursuant to the provisions ofchapter 11 or 30 of title 44, a domiciliary of an enterprise zone who owns andoperates a qualified business facility in that zone and which business is notrequired to file under chapter 11, 13, 14 or 17 of title 44 may:
(1) For the first three (3) years after certification,whether or not consecutive, deduct fifty thousand dollars ($50,000) per year asa modification reducing federal adjusted gross income; and
(2) For the fourth and fifth years after certification,whether or not consecutive, deduct twenty-five thousand dollars ($25,000) peryear as a modification reducing federal adjusted gross income.
(b) Any modification provided in subdivisions (1) and (2) ofsubsection (a) shall not be available in taxable years other than the year inwhich the taxpayer qualifies for tax modification.
(c) In the case of multiple business owners, themodifications provided in subdivisions (1) and (2) of subsection (a) shall beapportioned according to the ownership interests of the domiciliary owners ofthe qualified business.
(d) A taxpayer who elects this modification shall not beeligible for the business tax credits under § 42-64.3-6.