§ 44-39.2-2 - Tax credits for businesses. [Effective until January 1, 2008.].
SECTION 44-39.2-2
§ 44-39.2-2 Tax credits for businesses.[Effective until January 1, 2008.]. – (a) There shall be allowed as a credit against the tax liability imposedagainst a taxpayer pursuant to chapters 11, 13, or 30 of this title, withrespect to income years of the taxpayer commencing on or after January 1, 1998,and prior to January 1, 2008, an amount equal to fifty percent (50%) of thecapital, labor, and equipment costs incurred by the taxpayer directly for theconstruction of any filling station or improvements to any existing fillingstation in order to provide alternative fuel or for the construction of anyrecharging station or improvements to any existing recharging station in orderto provide for the recharging of electric vehicles.
(b) There shall be allowed as a credit against the taximposed on a taxpayer pursuant to chapters 11, 13, or 30 of this title, withrespect to income years of the taxpayer commencing on or after January 1, 1998,and prior to January 1, 2008, an amount equal to fifty percent (50%) of theincremental costs incurred by the taxpayer for purchase of alternative fueledmotor vehicles or the capital, labor, and equipment costs of the conversion ofmotor vehicles so that they can use alternative fuels.
(c) The amount of the credit allowed by this chapter may betransferred and/or assigned by one taxpayer to another; provided, that thetransferee is a parent, subsidiary, or affiliate of, or is subject to commonownership, management and control with, the transferor.
(d) In the case where the credit allowed by this chapterexceeds the amount of tax liability imposed against a taxpayer pursuant tochapters 11, 13, or 30 of this title, and to the extent the taxpayer has nottransferred or assigned its credits pursuant to subsection (c) of this section,the taxpayer may carry forward the unused credit or any unused portions of thecredit and apply the credit to its tax liability for any one or more of thesucceeding five (5) years.