State of Rhode Island Division of Taxation 
      Form RI-7695E 
      Research & Development Expense Credit                                                                        15131699990101

 Name                                                                                                             Federal employer identification number For the period ending:

 Complete address(es) of Rhode Island location(s) where Research & Development Expenses were Incurred

 1  Federal Qualified Research Expenses from Federal Form 6765, line 9 or line 28 ..                              1

 2  Federal Base Amount from Federal Form 6765, line 12 or 14, or line 30................                         2

 3  Federal Excess Expenses. Subtract line 2 from line 1.............................................             3

 4  Amount of Federal Excess Expenses from line 3 incurred in Rhode Island ............                           4
             (22.5% on expenditures up to $111,111.00 and 16.9% on expenditures  
 5 CREDIT -                                                                                                       5
             over $111,111.00.....................................................................................
 6  Unused R&D Expense Credit from preceding year(s). Attach a schedule with amounts and year of origination........                                                        6

 7  Total R&D Expense Credit Available.  Add lines 5 and 6.............................................................................................                     7

 8  Tax amount from Form RI-1120C, line 11 or Form T-71, line 7....................................................................................                         8

 9  MAXIMUM R&D Expense Credit. Multiply line 8 by 50%. Enter here and on the applicable line on Schedule B-CR                                                              9

 10 Credit carryover. Subtract line 9 from line 7.......................................................................................................................... 10

                                                          INSTRUCTIONS
GENERAL                                                                
The credit is available to corporations for qualified research ex-    Amount of Federal Excess Expenses in Rhode Island                                                           25,000 
penses. The credit is of the excess (if any) of the qualifying re-    Amount of Expenses in Rhode Island after January 1, 1998       25,000 
search expenses in the taxable year over the base period              Credit @ 22.5%                                $ 5,625                                                      
expenses from 7/1/1994 through 12/31/1997; for periods 1/1/1998        
                                                                      MINIMUM TAX AND CARRYOVER 
and therefore the rate shall be 22.5% for expenditures up to 
$111,111.00 and 16.9% for the remaining expenditures over the         In the case of corporations, the credit allowed shall not reduce the 
$111,111.00.                                                          tax due to less than the minimum fixed by section 44-11-2(e); 
                                                                      however, if the amount of credit allowable reduces the tax to the 
DEFINITIONS AND CALCULATION OF THE CREDIT                             minimum fixed by section 44-11-2(e), any amount of credit not 
The terms“qualified research and expenses”“base period re-            used may be carried over a maximum of seven (7) years. 
search expenses” shall have the same meaning as defined in             
                                                                      USING THE CREDIT 
section 41 of the Internal Revenue Code, provided however, that 
such expenses shall have been incurred in this state after July 1,    Enter the amount from line 9 above on the "RI-7695E - Research 
1994. The credit is based on the amount of the taxpayer’s Federal     & Development Facilities Expense Credit" line of Schedule B-CR, 
excess and is calculated by first determining what of the tax-        Business Entity Credit Schedule. 
                                                                       
payer’s Federal excess were incurred in Rhode Island after July 1, 
1994 and then multiplying that amount by the appropriate rate to      Attach Schedule B-CR and Form RI-7695E to your return. 
yield the Rhode Island credit.                                         
                                                                      ORDER OF CREDITS 
 
EXAMPLE:                                                              For purposes of determining the order in which carry-overs shall 
Taxpayer A has completed and claimed its Federal Credit and has       be taken into consideration, the credit allowed by section 44-32-2 
qualified research expenses for its Federal Credit of $100,000. A’s   (credit for research and development property) shall be used be-
Federal base amount is $75,000. All expenses were incurred in         fore the credit described in this regulation. 
Rhode Island and were incurred evenly throughout 2023. A has a         
                                                                      CONSOLIDATED RETURNS 
calendar year end. 
                                                                      The credit allowed against the tax of the corporation included in a 
Taxpayer A’s 2022 Rhode Island R & D Expense Credit is calculated as: consolidated return that qualifies for the credit and not against the 
Federal Qualified Research Expenses                    $100,000       tax of other corporations that may join in the filing of a consoli-
Federal Base Amount                                        75,000     dated return.
Federal Excess Expense                                     25,000 
                                                       R.I. Gen. Laws § 44-32-3