RI S2833

Creates a 50% tax credit for investments in qualified Rhode Island small businesses with 99 or fewer employees, effective for tax years beginning January 1, 2027

Limits the credit to a maximum of $3,000 per qualified business and $3,000 total per taxpayer per tax year

Qualified businesses must be headquartered and domiciled in Rhode Island, have a majority of employees working in-state, and receive at least 80% of gross revenues and hold at least 80% of assets within the state

Investments in businesses where the investor or family members are employees, owners, or have preexisting fiduciary relationships are excluded from eligibility

Unused credits are non-refundable but may be carried forward up to 10 tax years; the Rhode Island Commerce Corporation Strategic Fund administers certification, and the General Assembly intends to appropriate funds to offset revenue losses