Form RI-2441 "Adult and Child Day Care Assistance and Development Tax Credit" - Rhode Island

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State of Rhode Island and Providence Plantations
Form RI-2441
15131099990101
Adult and Child Day Care Assistance and
Development Tax Credit
Name
Federal employer identification number For the period ending:
SECTION I: PURCHASED DAYCARE
RI Daycare Lic/Cert #
1.
Actual sum of money spent.................................................................................
1.
2.
Credit. Multiply line 1 times 30% (0.3000)..........................................................
2.
$30,000.00
3.
Credit Limit..........................................................................................................
3.
4.
Allowable Credit Amount. Enter the smaller of line 2 or line 3.....................................................................
4.
SECTION II: TAXPAYER’S DAYCARE FACILITY
RI Daycare Lic/Cert #
5.
Actual sum of money spent.................................................................................
5.
6.
6.
Federal tax basis for realty or tangible personalty dedicated/donated by company...
7.
Total. Add lines 5 and 6 .....................................................................................
7.
8.
8.
Credit. Multiply line 7 times 30% (0.3000) ...................................................................................................
SECTION III: DAYCARE FACILITY ESTABLISHED/
RI Daycare Lic/Cert #
OPERATED WITH OTHERS
9.
Actual sum of money spent ................................................................................
9.
10.
Federal tax basis for realty or tangible personalty dedicated/donated by company...
10.
11.
Total. Add lines 9 and 10....................................................................................
11.
12.
12.
Credit. Multiply line 11 times 30% (0.3000) .................................................................................................
SECTION IV: RENTALS/LEASES FOREGONE
RI Daycare Lic/Cert #
Total amount foregone in rent/lease payments for the above-licensed facility
13.
13.
(Attach documentation)..................................................................................
14.
Credit. Multiply line 13 times 30% (0.3000)..................................................................................................
14.
SECTION V: CREDIT COMPUTATION - CORPORATIONS ONLY
15.
Tax from appropriate line on RI-1120, T-71, T-72 or T-74..................................
15.
$500.00
16.
Minimum tax, if applicable.................................................................................
16.
17.
Available offset. Line 15 less line 16 or $30,000, whichever is less.................
17.
18.
18.
Total Credit Amount from this form. Add lines 4, 8, 12 and 14...................................................................
19.
Maximum credit amount. Amount from line 18 or $30,000, whichever is less............................................
19.
Purchased daycare credit applied. Line 17 or line 4, whichever is less.....................................................
20.
20.
21.
Line 19 less line 20. If zero or less, enter zero...........................................................................................
21.
22.
Remaining credit usable. Subtract line 20 from line 17..............................................................................
22.
23.
Credits carried forward from prior years (attach schedule with years and amounts)......................................
23.
24.
Total Credit Available. Add lines 21 and 23, but not more than $30,000.00...............................................
24.
25.
25.
Credit Applied. Line 22 or line 24, whichever is less..................................................................................
26.
Summary Deduction. Add lines 20 and 25.................................................................................................
26.
R.I. Gen. Laws § 44-47
State of Rhode Island and Providence Plantations
Form RI-2441
15131099990101
Adult and Child Day Care Assistance and
Development Tax Credit
Name
Federal employer identification number For the period ending:
SECTION I: PURCHASED DAYCARE
RI Daycare Lic/Cert #
1.
Actual sum of money spent.................................................................................
1.
2.
Credit. Multiply line 1 times 30% (0.3000)..........................................................
2.
$30,000.00
3.
Credit Limit..........................................................................................................
3.
4.
Allowable Credit Amount. Enter the smaller of line 2 or line 3.....................................................................
4.
SECTION II: TAXPAYER’S DAYCARE FACILITY
RI Daycare Lic/Cert #
5.
Actual sum of money spent.................................................................................
5.
6.
6.
Federal tax basis for realty or tangible personalty dedicated/donated by company...
7.
Total. Add lines 5 and 6 .....................................................................................
7.
8.
8.
Credit. Multiply line 7 times 30% (0.3000) ...................................................................................................
SECTION III: DAYCARE FACILITY ESTABLISHED/
RI Daycare Lic/Cert #
OPERATED WITH OTHERS
9.
Actual sum of money spent ................................................................................
9.
10.
Federal tax basis for realty or tangible personalty dedicated/donated by company...
10.
11.
Total. Add lines 9 and 10....................................................................................
11.
12.
12.
Credit. Multiply line 11 times 30% (0.3000) .................................................................................................
SECTION IV: RENTALS/LEASES FOREGONE
RI Daycare Lic/Cert #
Total amount foregone in rent/lease payments for the above-licensed facility
13.
13.
(Attach documentation)..................................................................................
14.
Credit. Multiply line 13 times 30% (0.3000)..................................................................................................
14.
SECTION V: CREDIT COMPUTATION - CORPORATIONS ONLY
15.
Tax from appropriate line on RI-1120, T-71, T-72 or T-74..................................
15.
$500.00
16.
Minimum tax, if applicable.................................................................................
16.
17.
Available offset. Line 15 less line 16 or $30,000, whichever is less.................
17.
18.
18.
Total Credit Amount from this form. Add lines 4, 8, 12 and 14...................................................................
19.
Maximum credit amount. Amount from line 18 or $30,000, whichever is less............................................
19.
Purchased daycare credit applied. Line 17 or line 4, whichever is less.....................................................
20.
20.
21.
Line 19 less line 20. If zero or less, enter zero...........................................................................................
21.
22.
Remaining credit usable. Subtract line 20 from line 17..............................................................................
22.
23.
Credits carried forward from prior years (attach schedule with years and amounts)......................................
23.
24.
Total Credit Available. Add lines 21 and 23, but not more than $30,000.00...............................................
24.
25.
25.
Credit Applied. Line 22 or line 24, whichever is less..................................................................................
26.
Summary Deduction. Add lines 20 and 25.................................................................................................
26.
R.I. Gen. Laws § 44-47
State of Rhode Island and Providence Plantations
Form RI-2441
Adult and Child Day Care Assistance and
Development Tax Credit
Adult and Child Day Care Assistance and Development Tax Credit
R.I. Gen. Laws § 44-47
INSTRUCTIONS
A) TAXPAYERS MUST PROVIDE A RHODE ISLAND DAYCARE LICENSE NUMBER OR CERTIFICATION NUMBER
B) RHODE ISLAND CHILDCARE FACILITIES MUST AGREE TO ACCEPT CHILDREN WHOSE CHILD CARE
SERVICES ARE PAID FOR IN FULL OR IN PART BY THE RHODE ISLAND DEPARTMENT OF HUMAN SERVICES
C) DOCUMENTATION FOR THIS CREDIT MUST BE ATTACHED TO THIS FORM
CREDITS FOR DAYCARE ASSISTANCE AND DEVELOPMENT DEFINITION:
“Amount expended” means the actual sums of money spent, or the cost or other basis for Federal tax purposes of real or tan-
gible personal property donated or dedicated to the establishment of a daycare center. In the case of purchased daycare
(Section I) the “amount expended” cannot include sums in excess of the actual cost of daycare services purchased for each
individual child or dependent adult.
LIMITATIONS OF CREDIT, CARRYOVERS AND CONSOLIDATION:
1.No credit is allowed unless the daycare facility has a RI license under RIGL 42-72.1, or in the case of a daycare for depend-
ent adults, the facility must be certified by the Department of Elderly Affairs. The license or certification number MUST be
shown were indicated on the form.
2. The credit is allowed against the business corporation tax (44-11), public service corporation tax (44-13) (except the tax in
44-13-13), the bank excise tax (44-14) and the insurance companies’ gross premiums tax (44-17). Enter the credit amount on
line 2 of the Business Entity Credit Schedule, Schedule B-CR.
3. Maximum annual credit for purchased daycare in RI (Section I) is $30,000 and in the case of those taxes having minimum
amounts, the credit cannot reduce the tax to less than the minimum tax for the taxpayer. The balance of unused credit may
not be carried over to any subsequent tax year.
4. Maximum total annual credit for daycare establishment and operations in RI (Section II and III) and for amounts foregone
(Section IV) is $30,000; the total credit cannot reduce the tax below its stated minimum and the balance of unused credit may
be carried over for 5 years.
5.Credits carried over to succeeding taxable years may not be used if during that time the taxpayer’s facility was operated for
less than 6 months.
6. Amounts expended for purchased daycare (Section I) are to be solely to provide care for the dependent children or adults of
the taxpayer’s employees or employees of commercial tenants of the taxpayer during the employees’ hours of employment.
7. Amounts expended for the establishment and operation of a daycare facility (Sections II and III) qualify if the facility is used
primarily by the dependent children or adults of the taxpayer’s employees during the employees’ hours of employment.
8. The credit is 30% of the total amount foregone in rent or lease payments for rental or lease space in RI for daycare serv-
ices. The amount foregone is the difference between fair market rental and actual rental. The burden of proof of fair market
value is upon the claimant taxpayer and such proof should include prior rental/lease of the same property. Where the prop-
erty was not previously rented or leased, appraisals of the property by competent parties independent of the claimant taxpayer
should be used.
9. In the case of a business corporation filing a consolidated return (44-11), a credit will be allowed against the tax of only that
corporation which qualifies for the credit and will not be allowed against the tax of other corporations that may join the filing of
a consolidated state tax return.
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