§ 42-64.9-9 - Interest income.
SECTION 42-64.9-9
§ 42-64.9-9 Interest income. – (a) A taxpayer is allowed a ten percent (10%) credit against taxes due underthe provisions of chapter 11, 13, 14, 17, or 30 of title 44 for interest earnedand paid on loans made to eligible businesses as defined in § 42-64.9-4 ofthis chapter, solely and exclusively for expenditures within the certifiedbuilding.
(b) The taxpayer is further allowed a one hundred percent(100%) credit against taxes due under chapter 11, 13, 14, 17, or 30 of title 44for interest earned on loans made solely and exclusively for the purposes ofsubstantial rehabilitation as defined in § 42-64.9-4(13).
(c) Any tax credit herein provided shall not offset any taxliability in taxable years other than the year in which the taxpayer qualifiesfor the credit. The credit shall not reduce the tax below the minimum, and, inthe case of a corporation, shall only be allowed against the tax of thatcorporation included in a consolidated return that qualifies for the credit andnot against the tax of other corporations that may join in the filing of aconsolidated tax return.
(d) The taxpayer is allowed a maximum credit of ten thousanddollars ($10,000) per taxable year under subsection (a) of this section. Thetaxpayer is allowed a maximum credit of twenty thousand dollars ($20,000) pertaxable year under subsection (b).
(e) In the event a certified building owner is also aqualified business under chapter 64.3 of this title, the lender/taxpayer mustelect to treat the loan described in subsection (a) and its related interestpayments as pertaining to the interest credit provided in this section.