RI Schedule CR-PT: Other Rhode Island Credits for RI-1065 and RI-1120S (2024)
Rhode Island · RI Division of Taxation · Used for tax years 2024
The 2024 Rhode Island Schedule CR-PT reports listed Rhode Island tax credits passing through to members or shareholders of entities filing Form RI-1065 or RI-1120S. It also reports recapture of prior-year credits. The credits do not reduce the tax due on the entity’s return.
Who files this form
A pass-through entity filing Form RI-1065 or Form RI-1120S must complete Schedule CR-PT if it has one of the listed tax credits passing through to its members:
- RI-2276: Contributions to Scholarship Organizations.
- RI-286B: Historic Structures or Historic Preservation tax credits.
- RI-5442: Low-Income Housing Tax Credit.
- RI-6754: Rhode Island New Qualified Jobs Incentive Act 2015 Credit.
- RI-7253: Rebuild Rhode Island Tax Credit.
- RI-8201: Motion Picture Production or Musical and Theatrical Production tax credits.
What you'll need
Gather the proper credit forms and all supporting documentation for each credit claimed.
- Attach the original credit certificate for credits in the entity's name. The instructions also require original certificates that are not in the members' names.
- Include a breakdown showing which members receive the credit and the amount passing through to each member.
- If claiming a carryforward amount, attach a carryforward schedule.
- For the Low-Income Housing Tax Credit, attach the original certificate to the return.
Members' individual tax returns should include a copy of the credit certificate and the same member schedule.
How to file
Complete Schedule CR-PT and attach it, along with all supporting documentation, to Form RI-1065 or Form RI-1120S. Enter the entity's name and federal employer identification number on the schedule.
If reporting recapture of prior-year credits, enter each credit's number and name on lines 8 and 9. Add those lines and enter the total credit recapture on line 10.
The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Leaving out documentation. Missing forms or documentation can delay processing. A credit will be disallowed until complete documentation is provided.
- Omitting original certificates or the member breakdown. Attach the required originals and show who receives each credit and how much.
- Claiming a carryforward without a schedule. A carryforward schedule must be attached.
- Claiming an unlisted credit. The form says credits not listed, including their unused carryforward amounts, are no longer allowed against personal income tax. Putting an ineligible credit on the schedule or an attached statement will result in disallowance.
- Carrying forward the scholarship contribution credit. This credit must be used in the tax year the entity made the contribution. Unused amounts cannot be carried forward.
Questions people ask
Do these credits reduce the tax due on the entity's return?
No. All credits flow through to the entity's shareholders or members and do not reduce the tax due on the entity's return.
Can unused credits be carried forward?
The listed periods are 10 years for Historic Structures or Historic Preservation credits; 4 years for Low-Income Housing, New Qualified Jobs, and Rebuild Rhode Island credits; and 3 years for Motion Picture Production or Musical and Theatrical Production credits. Unused scholarship contribution credits cannot be carried forward.
What approval is needed for the scholarship contribution credit?
The business entity must contribute to a qualified scholarship organization and apply for approval of the credit. It will receive a tax credit certificate issued by the Rhode Island Division of Taxation.
What should members include with their individual returns?
Members' individual returns should include a copy of the credit certificate and the same member schedule showing how the credit is passed through.