(a) The deduction or modification is not refundable but may be used by the claimant
business for the tax against it pursuant to chapters 11, 13, 14, 15, 17, and 30 of
this title, not including any tax imposed under § 44-13-13 or other similar provisions in the following manner:
(1) A deduction for purposes of computing net income in accordance with chapter 11
of this title;
(2) A deduction from gross earnings for purposes of computing the public service corporation
tax in accordance with chapter 13 of this title;
(3) A deduction for the purposes of computing net income in accordance with chapter
14 of this title;
(4) A deduction for the purposes of computing deposits in accordance with chapter
15 of this title;
(5) A deduction for the purposes of computing gross premiums in accordance with chapter
17 of this title; or
(6) A modification reducing federal adjusted gross income in accordance with chapter
30 of this title.
(b) The modification allowed under this chapter for any taxable year shall not reduce
the tax due for that year to below the minimum tax imposed under the applicable chapter
of this title. Any amount of modification not used in that taxable year may not be carried over to
the following year.
(c) In the event that the claimant business is electing a subchapter S corporation,
limited liability company, partnership, or a joint venture, the incentive shall be
divided as income.
(d) In the event that the taxpayer is liable for taxes imposed under both chapters
14 and 15 of this title, the taxpayer must elect the tax against which it wishes to
claim the incentive. This election shall be made as part of the taxpayer's filings in accordance with §§ 44-14-6 and 44-15-5. The taxpayer may not divide the incentive for any year between the two (2) tax liabilities
for which it is liable.
(e) In the event that the hiring of the employee is used to obtain any other tax incentive
or tax benefit for the business, then the business will not be eligible for the incentive
available in this chapter.
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