Rhode Island R&D Tax Credit Benefits for Businesses

Rhode Island and the R&D Tax Credit

State Credit Name: Credit for Qualified Research Expenses

Expiration Date: Permanent

Who Can Apply? Corporations and flow-through entities

Credit Carry Forward: Unused credit can be carried forward for 7 years.

The credit is applied to 50% of the tax due after all other credits available have been applied.

Are you eligible?

Why choose us?

Pass an Audit?

Special Notes: The credit rate is 22.5% for QRE’s up to $111,111 and 16.9% for the remaining QRE’s, which exceed the base period expenses. QRE’s and base period expenses are defined the same as for the federal credit in IRC Section 41.

find out more

Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed’s office location at 270 Bellevue Avenue, Newport, Rhode Island provides R&D tax credit consulting and advisory services to Providence, Warwick, Cranston, Pawtucket and East Providence.

If you have any questions or need further assistance, please call or email our local Rhode Island Partner on (401) 406-8880.
Feel free to book a quick teleconference with one of our Rhode Island R&D tax credit specialists at a time that is convenient for you. Click here for more information about R&D tax credit management and implementation.

Schedule a Teleconference

Rhode Island R&D Tax Credit Filing Instructions

To claim the Research and Development (R&D) tax credit in Rhode Island, businesses must calculate their qualified research expenses (QREs) incurred within the state. The credit generally applies to corporations and flow-through entities, with a rate of 22.5% for qualified expenditures up to $111,111, and 16.9% for expenses exceeding this threshold. It’s important to note that the credit utilization is limited to 50% of the tax due after all other applicable credits have been used, and it cannot reduce the tax below the minimum fixed tax rate for corporations. Unused credit amounts can be carried forward for a maximum of seven years. To formally make the state R&D tax credit claim, businesses are required to file Form RI-7695E, Research & Development Expense Credit, and enter the credit amount on Schedule B-CR, Business Entity Credit Schedule, both of which must be attached to their Rhode Island tax return.

R&D Tax Credit Training for RI CPAs

directive for LBI taxpayers

Upcoming Webinar

R&D Tax Credit Training for RI CFPs

bigstock Image of two young businessmen 521093561 300x200

Upcoming Webinar

R&D Tax Credit Training for RI SMBs

water flows 521093561 300x200

Upcoming Webinar

Rhode Island Patent of the Year – 2024/2025

EpiVax Inc. has been awarded the 2024/2025 Patent of the Year for their groundbreaking approach to immune modulation. Their invention, detailed in U.S. Patent No. 11911414, titled ‘Regulatory T cell epitopes’, introduces a novel class of peptides designed to enhance immune tolerance.

This innovative technology centers on regulatory T cell epitopes, or “Tregitopes,” which are peptides capable of inducing regulatory T cells to suppress unwanted immune responses. By administering these Tregitopes, the immune system’s activity can be finely tuned, promoting tolerance and preventing overactive immune reactions. This method holds promise for treating autoimmune diseases, allergies, and other conditions where immune modulation is beneficial.

The patent outlines compositions comprising these Tregitopes, including polypeptides derived from specific amino acid sequences. These compositions can be tailored to target various immune pathways, offering a versatile approach to immune system regulation. The potential applications of this technology are vast, ranging from therapeutic interventions to enhancing vaccine efficacy by modulating immune responses.

EpiVax’s advancement in Tregitope-based therapies represents a significant step forward in immunology, providing new avenues for treating immune-related disorders and improving patient outcomes through precise immune system modulation.