Title 44, Title 44 Title 44

(a) In computing net income there shall be allowed as deductions all the ordinary and necessary expenses paid or incurred by the taxpayer during the income period in carrying on its trade or business, except United States income and excess profits taxes and the tax imposed by thi…

Whenever any taxpayer by requirement of regulatory authorities having supervision over it, shall write down any of its securities or establish reserves for the decrease in values of any of its securities, the taxpayer may elect to treat the amount of the write-downs or reserves a…

(a) Except as specifically provided in this chapter a banking institution whose business activity is taxable both within and outside of this state shall allocate and apportion its net income as provided in §§ 44-14-14.1 — 44-14-14.5. A financial institution organized under the la…

As used in §§ 44-14-14.1 — 44-14-14.5, unless the context otherwise requires: (a) “Billing address” means the location indicated in the books and records of the taxpayer on the first day of the taxable year (or on such later date in the taxable year when the customer relationship…

(a) General. The receipts factor is a fraction, the numerator of which is the receipts of the taxpayer in this state during the taxable year and the denominator of which is the receipts of the taxpayer within and outside of this state during the taxable year. The method of calcul…

(a) General. The property factor is a fraction, the numerator of which is the average value of real property and tangible personal property rented to the taxpayer that is located or used within this state during the taxable year, the average value of the taxpayer’s real and tangi…

(a) General. The payroll factor is a fraction, the numerator of which is the total amount paid in this state during the taxable year by the taxpayer for compensation and the denominator of which is the total compensation paid both within and outside of this state during the taxab…

There shall not be included in a taxpayer’s net income dividends received from the shares of stock of: (1) Any corporation if over fifty percent (50%) of the corporation’s value was apportioned to this state in determining the tax last imposed on it by chapter 11 of this title; (…

Any receiver, liquidator, agent, trustee, assignee, conservator, or other fiduciary conducting or liquidating the business or selling the assets of any banking institution shall be subject to the provisions of and the tax imposed by this chapter in the same manner and to the same…

The intangible property and the shares of stock of any banking institution liable to a tax under this chapter shall be exempt from taxation in this state.

Any tax imposed under the terms of this chapter shall be due and payable upon the last day upon which a return must be filed under §§ 44-14-6 and 44-14-7. Upon the filing of the return, the full amount of any tax, as computed by the taxpayer, shall be paid to the administrator.

As soon as practicable after the return is filed, the tax administrator shall examine it and determine the correct amount of the tax and, in case any error shall be disclosed by the examination, he or she shall notify the taxpayer. The tax administrator shall give the taxpayer no…

(a) Any taxpayer may file a claim for refund with the tax administrator at any time within two (2) years after the tax has been paid, or in the case of a change or correction of its taxable income by any official of the state of Rhode Island or the United States government, withi…

(a) General. Except as provided in this section the amount of the excise tax shall be assessed within three (3) years after the return was filed (whether or not the return was filed on or after the prescribed date). For this purpose, a tax return filed before the due date shall b…

For the purposes of this chapter: (1) “Administrator” means the tax administrator in the department of revenue appointed under the provisions of § 44-1-1; (2) “Banking institution” means every state bank, federal savings bank, trust company, national banking association, mutual s…

If any tax imposed by this chapter is not paid when due, the taxpayer shall be required to pay as part of the tax interest thereon at the annual rate provided by § 44-1-7 from that time.

The amount of any tax, penalty, and interest charge imposed upon any banking institution under the provisions of this chapter shall, until collected, constitute a lien upon the banking institution’s real estate located in this state, and the lien shall take precedence over any ot…

Any banking institution, which fails to include in its return any items of income or any other information required by this chapter or by prescribed regulations shall make a supplemental return disclosing these facts. Any banking institution whose return to the collector of inter…

It shall be unlawful for any state official or employee to divulge or to make known to any person in any manner not provided by law the amount or source of income, profits, losses, expenditures, or any particular set forth or disclosed in any return, or to permit any return or co…

The tax administrator may summon any banking institution, or officer, agent, or employee of the institution, or any other person to appear before him or her and produce records and documents at a time and place named in the summons and to give testimony and to answer interrogator…

The summons may be sent by registered or certified mail to the banking institution, to any officer, agent, or employee of the institution, or to any other person, or may be left by any authorized agent of the tax administrator with the banking institution, or with any officer, ag…

Whenever any person or banking institution summoned under the provisions of §§ 44-14-24 and 44-14-25 neglects or refuses to obey the summons or to give testimony or to answer interrogatories as required, the tax administrator may apply to the sixth (6th) division of the district …

If any banking institution fails to file a return at the time prescribed by law, the tax administrator shall proceed to determine the tax from any information the tax administrator can obtain.

In case of any failure to file a return within the time prescribed by law, there shall be added to the tax five percent (5%) if the failure is for not more than thirty (30) days with an additional five percent (5%) for each additional thirty (30) days or fraction of a day during …

In case a false or fraudulent return is made with intent to evade any tax imposed by this chapter, the tax administrator shall add to the tax fifty percent (50%) of its amount.

(a) Each banking institution organized or incorporated under the laws of this state or having its principal place of business or a branch located within the limits of this state shall annually pay a tax or excise to the state for the privilege of existing as a banking institution…

The amount added to any tax under §§ 44-14-28 and 44-14-29 shall be collected as a part of and at the same time and in the same manner as the tax unless the tax has been paid before the discovery of the neglect, falsity, or fraud, in which case the amount added shall be collected…

The tax administrator, for the purpose of ascertaining the correctness of any return or for the purpose of determining the amount of any tax imposed by this chapter, may, by any of the tax administrator’s officers or employees designated by him or her for that purpose, examine an…

Whenever any banking institution delivers or discloses or causes to be delivered or disclosed to the tax administrator any false or fraudulent return, account, or statement, with intent to defeat or evade any tax imposed under this chapter, or being summoned to appear to testify …

Whenever any person delivers or discloses or causes to be delivered or disclosed to the tax administrator any false or fraudulent return, account, or statement, with intent to defeat or evade any tax imposed under this chapter, or being summoned to appear to testify or to appear …

If any return or statement, including a supplemental return, required to be made under the provisions of this chapter is not made within the time fixed or extended, the corporation or any officer or agent of the corporation neglecting or refusing to make the return or statement s…

Any banking institution aggrieved by the action of the tax administrator in determining the amount of any tax or penalty imposed under the provisions of this chapter may apply to the tax administrator, in writing, within thirty (30) days after the notice of the action is mailed t…

Appeals from administrative orders or decisions made pursuant to any provisions of this chapter shall be to the sixth (6th) division district court pursuant to chapter 8 of title 8. The taxpayer’s right to appeal under this section shall be expressly made conditional upon prepaym…

If any tax or penalty imposed by this chapter shall not be paid within thirty (30) days after the tax or penalty shall become due and payable, the tax administrator, in addition to any other powers provided by law, may petition the sixth (6th) division of the district court for a…

If any provision of this chapter or the application of the chapter to any banking institution or circumstance is held invalid, the remainder of this chapter and the application of the provisions to the other banking institutions or circumstances shall not be affected.

(a) For the purpose of this section: (1) “Common ownership” means more than fifty percent (50%) of the voting control of each member of the group is directly or indirectly owned by a common owner or owners, either corporate or non-corporate, whether or not the owner or owners are…

Each national banking association located within the limits of this state shall annually pay to the state a tax according to or measured by its net income, as defined in § 44-14-10, which tax is computed at the rate of nine percent (9%).

The tax imposed upon any banking institution or national banking association under §§ 44-14-3 and 44-14-4 shall not be less than one hundred dollars ($100).

(a) Every taxpayer shall file a return with the tax administrator: (1) In case the taxable year of the taxpayer is the calendar year, on or before March 15 in the year following the close of the taxable year; and (2) In case the taxable year of the taxpayer is a fiscal year, on o…

The tax administrator may grant a reasonable extension of time for filing returns, under rules and regulations as the tax administrator shall prescribe, with the approval of the director of the department of revenue. Whenever an extension of time is granted, a taxpayer shall be r…

Every taxpayer shall render statements, make returns, and comply with rules and regulations as the tax administrator, with the approval of the director of the department of revenue, may from time to time prescribe.

For the purpose of administering this chapter, the banking and insurance division of the department of business regulation shall make available for inspection to the tax administrator any report filed by any banking institution subject to the tax imposed by this chapter.