If you conducted business or earned income in Rhode Island, you may be subject to Rhode Island state taxes. If this applies to you, here are the key tax deadlines and extension details for Rhode Island in 2024.
In Rhode Island, you may:
File your taxes online for free via Division of Taxation
When filing by mail, ensure that your documents are postmarked by the due date.
Federal filing is required.
Amendments are allowed up to 3-years from the original date of filing.
Overview, Eligibility, and Limitations
Overview, Eligibility, and Limitations
Research & Development Expense Credit
The Rhode Island R&D Tax Credit allows a taxpayer who makes qualified research expenses (QREs) in Rhode Island to claim an income tax credit.
There are two credits available in Rhode Island: R&D Property Credit and the Qualified Research Expense Credit.
Eligible Entities
Research & Development Property Credit
C-Corporations Only
Research & Development Expense Tax Credit
C-Corporations
S-Corporations
Partnerships
Individuals
Rhode Island State R&D Property Credit
Rhode Island State R&D Property Credit
Research & Development Property Credit Summary
The amount of the credit is 10% of the cost or other basis for federal income tax purposes of tangible personal property, and other tangible property, including buildings and structural components of buildings, acquired constructed, reconstructed, or erected after July 1, 1994.
The credit is allowed in the year the property is first placed in service, which is the earlier of:
the year the taxpayer begins depreciation of the property; or
the year that the property is made ready and available for a specifically assigned function
The credit cannot reduce the tax of a corporation to less than the $250 minimum tax.
Credit Carryforward
Research & Development Property Credit
Any credit not used can be carried forward for up to seven years.
The research credit is not refundable.
Credit Limitations
To qualify for the credit the property must
be depreciable under IRC §167 or recovery property for which a deduction is allowable under IRC §168
have a useful life of three years or more
be acquired by purchase as defined in IRC §179(d)
be located in Rhode Island; and
be used principally for purposes of research and development in the experimental or laboratory sense [R.I. Gen. Laws §44-32-2(b)]
Rhode Island State R&D Expense Tax Credit
Rhode Island State R&D Expense Tax Credit
Research & Development Expense Tax Credit Summary
The R&D tax credit equals the excess of the qualifying research expenses in the taxable year over the base period expenses:
22.5% for expenditures up to $111,111; and
16.9% for the remaining expenditures over the $111,111
QREs and base period expenses have the same meaning as defined in IRC Section 41, provided that such expenses were incurred after July 1, 1994.
Expenses must have been incurred in Rhode Island after July 1, 1994
Credit Carryforward
Research & Development Expense Tax Credit
Any credit not used can be carried forward for up to seven years.
The research credit is not refundable.
Credit Limitations
The credit amount taken in any one taxable year may not exceed 50% of the company’s remaining tax liability after all other credits have been applied.
The credit allowed shall only be allowed against the tax of that corporation included in a consolidated return that qualifies for the credit and not against the tax of other corporations that may join in the filing of a consolidated return.
S-Corporation / Partnership
You must file in Rhode Island by March 15, 2025.
Applicable R&D Forms
Form RI-7695E – Research & Development Expense Credit
File the above form with the following tax forms:
Form RI-1120S – Rhode Island Business Corporation Tax Return
Form RI-1065 – Partnership Income Return
Extension to File Taxes in Rhode Island for 2024
Taxes owed in Rhode Island for the tax year 2024 must be paid by March 15, 2025.
No separate extension filing is required in Rhode Island.
Rhode Island automatically grants a 6-month extension for both S-Corporation and Partnership tax returns.
S-Corporation: the extension deadline is September 15, 2025.
Partnership: the extension deadline is September 15, 2025.
Note that this extension pertains to the filing deadline, not the payment deadline.
Payment of taxes owed is still due by March 15, 2025.
C-Corporation
You must file in Rhode Island by April 15, 2025.
Applicable R&D Forms
Form RI-7695E – Research & Development Expense Credit
File the above form with the following tax forms:
Form RI-1120C – Rhode Island C Corporation Business Tax Return
Extension to File Taxes in Rhode Island for 2024
Taxes owed in Rhode Island for the tax year 2024 must be paid by April 15, 2025.
No separate extension filing is required in Rhode Island.
Rhode Island automatically grants an extension for C-Corporation tax returns.
C-Corporation: the extension deadline is October 15, 2025.
Note that this extension pertains to the filing deadline, not the payment deadline.
Payment of taxes owed is still required by April 15, 2025.
Sole-Proprietorship
You must file in Rhode Island by April 15, 2025.
Applicable R&D Forms
Form RI-7695E – Research & Development Expense Credit
File the above form with the following tax forms:
Form RI-1040 – Resident Income Tax Return
Extension to File Taxes in Rhode Island for 2024
Taxes owed in Rhode Island for the tax year 2024 must be paid by April 15, 2025.
No separate extension filing is required in Rhode Island.
Rhode Island grants a 6-month extension for individual tax returns.
Submit Form RI-4868
Sole-Proprietorship: the extension deadline is October 15, 2025.
Note that this extension pertains to the filing deadline, not the payment deadline.
Payment of taxes owed is still due by April 15, 2025.
References
We strive to ensure the accuracy of the information on this page, but it is not intended as tax or legal advice. Please use your own professional judgment and consult with a tax professional. Any advice you provide in connection with tax return preparation must comply in full with the requirements of IRS Circular 230.