Rhode Island Research & Development Expense Tax Credit

The Rhode Island R&D Expense Credit (§ 44-32-3) allows corporations to claim a credit against RI corporate income tax on qualified research expenses incurred in Rhode Island. The credit rate is 22.5% on the first $111,111 of excess R&D expenses over the federal base period amount, and 16.9% on amounts above $111,111. The credit is non-refundable and cannot reduce the taxpayer's liability below the minimum tax. As of Tax Year 2026, unused credit may be carried forward up to 15 years (extended from 7 years by ADV 2026-02, effective 1/1/2026). The credit is available only to corporations filing RI-1120C or T-71 returns. Expenses are calculated following federal IRC § 41 definitions, but must have been incurred in Rhode Island after July 1, 1994.

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