Rhode Island Application Period for Scholarship Credit Starts July 1

The application period for the Credit for Contributions to Scholarship Organizations program will begin on July 1, 2013.

The credit is for approved business entities that make contributions to approved scholarship organizations.

Although the contribution must be made by a business entity, the credit can be used against a variety of taxes, including the business corporation tax, the public service corporation tax, the tax on banks, the bank deposits tax, the tax on insurance companies, and the personal income tax. (Owners, shareholders, or partners of pass-through entities
generally can claim their share of the credit on their Rhode Island personal income tax returns.)

Application approvals 

Applications are approved on a first-come, first-served basis until the credit cap of $1 million per fiscal year is met. A list of qualified scholarship organizations and other helpful information is available on the program’s web
page: http://www.tax.ri.gov/Credits/index.php

The application for the fiscal year that starts July 1 (the 2014 application) will be available in late May or early June.

For more information, contact Donna Dube at the Tax Division at (401) 574-8903 or e-mail: Donna.Dube@tax.ri.gov