RI Schedule CR-PT: Other Rhode Island Credits for RI-1065 and RI-1120S (2025)
Rhode Island · RI Division of Taxation · Used for tax years 2025
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, along with recapture of prior-year credits. The credits do not reduce the tax due on the entity's return.
Who files this form
For tax year 2025, a pass-through entity filing Form RI-1065 or Form RI-1120S must complete Schedule CR-PT if it has one of these 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
Have the following ready:
- The entity's name and federal employer identification number.
- The proper credit forms and all supporting documentation for each credit claimed.
- Original credit certificates for credits in the entity's name. The instructions also require original certificates that are not in the members' names.
- A breakdown showing which members receive the credits and the amounts passed through to each.
- A carryforward schedule if you are using a carryforward amount.
For the Low-Income Housing Tax Credit, the original certificate must be attached 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 applicable credit amounts and the total credits on the schedule. If reporting recapture of prior-year credits, enter each credit's number and name in the recapture section. Add lines 8 and 9 and enter the total recapture on line 10.
The supplied text does not provide a mailing address or e-file instructions.
Common mistakes
- Leaving out forms or documentation. Missing attachments can delay processing. A credit will be disallowed until complete documentation is provided.
- Omitting required 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 are no longer allowed against personal income tax, including their unused carryforward amounts. 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 entity's tax due on this return?
No. All credits flow through to the entity's shareholders or members and do not reduce the tax due on this return.
How long can unused credits be carried forward?
The stated carryforward 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. The Rhode Island Division of Taxation issues the tax credit certificate.
What should members include with their individual returns?
Members' individual returns should include a copy of the credit certificate and the same schedule showing the members and the credit amounts passed through to them.