reglab/housing_qa huggingface dataset:
RI Gen L § 44-14-2 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-2 - Definitions.

§ 44-14-2. Definitions.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 savings bank, building and loan association, and loan and investment company, but shall not include a credit union, or a corporation specified in § 44-11-1(4)(i);(3) "Director" means the head of the department of revenue appointed under the provisions of § 42-142-1;(4) "Income period" means the calendar year or the fiscal year, or portion, next preceding the taxable year;(5) "Securities" includes, but shall not be limited to:(i) Shares of stock or certificates of beneficial interest, or rights to buy the shares or certificates, of a corporation, joint-stock company, association, or business trust;(ii) Bonds, debentures, notes, certificates, or other evidences of indebtedness of any individual, partnership, corporation, joint-stock company, association, or business trust, including those issued by the United States government or any state, or political subdivision of either, or issued by any foreign country or nation or political subdivision thereof;(6) "Taxable year" means the calendar year in which the tax is payable or fiscal year ending during that calendar year, upon the basis of which the tax is computed under this chapter. "Taxable year" means, in the case of a return made for a fractional part of the year under provisions of this chapter or under regulations prescribed by the tax administrator, the period for which the return is made. The term "fiscal year" means an accounting period of twelve (12) months ending on the last day of any month other than December. The taxable year of a banking institution shall be the same for purposes of this chapter as it is for federal income tax purposes;(7) "Taxpayer" means any banking institution subject to any tax imposed by this chapter.History of Section.P.L. 1942, ch. 1212, art. 7, § 2; P.L. 1943, ch. 1341, § 1; impl. am. P.L. 1951, ch. 2727, art. 1, § 3; G.L. 1956, § 44-14-2; P.L. 1987, ch. 174, § 2; P.L. 1989, ch. 378, § 1; P.L. 1994, ch. 93, § 2; P.L. 1995, ch. 370, art. 34, § 1; P.L. 2008, ch. 98, § 41; P.L. 2008, ch. 145, § 41.
RI Gen L § 44-14-3 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-3 - Tax on state banks.

§ 44-14-3. Tax on state banks.(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 during any part of the taxable year. The tax is measured by:(1) Net income, as defined in § 44-14-10, for the income period and is computed at the rate of nine percent (9%) of the net income; or(2) Authorized capital stock as of the last day of the income period and is computed at the rate of two dollars fifty cents ($2.50) for each ten thousand dollars ($10,000), or fractional part, of an authorized capital stock; whichever measure yields the greater amount of tax.(b) In the case of a banking institution not organized or incorporated under the laws of this state, but having its principal place of business or branch located within the limits of this state, its net income is apportioned to this state under rules and regulations promulgated by the tax administrator.(c) (1) A banking institution having an election in effect under subchapter S, 26 U.S.C. § 1361 et seq., (including a banking institution that is a qualified subchapter S subsidiary, as defined by 26 U.S.C. § 1361, of a corporation or banking institution having an election in effect under 26 U.S.C. § 1361 et seq.) is not subject to the Rhode Island tax or excise on banking institutions, except that the banking institution shall be subject to the provisions of subdivision (a)(1) of this section to the extent the income is subjected to federal tax under subchapter S.(2) The shareholders of the banking institution who are residents of Rhode Island shall include in their income their proportionate share of the banking institution's federal taxable income.(3) If any shareholder of the banking institution is a nonresident during any part of the banking institution's taxable year, he or she shall file a Rhode Island personal income tax return in accordance with the rules and regulations as promulgated by the tax administrator.History of Section.P.L. 1942, ch. 1212, art. 7, § 3; P.L. 1943, ch. 1341, § 2; G.L. 1956, § 44-14-3; P.L. 1958, ch. 17, art. 2, § 1; P.L. 1959, ch. 169, art. 1, § 1; P.L. 1960, ch. 66, art. 1, § 1; P.L. 1968, ch. 263, art. 6, § 1; P.L. 1970, ch. 139, art. 1, § 2; P.L. 1989, ch. 253, § 1; P.L. 1995, ch. 370, art. 34, § 2; P.L. 1999, ch. 354, § 30; P.L. 2000, ch. 459, § 1.
RI Gen L § 44-14-4 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-4 - Tax on national banks.

§ 44-14-4. Tax on national banks.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%).History of Section.P.L. 1942, ch. 1212, art. 7, § 3; P.L. 1943, ch. 1341, § 2; G.L. 1956, § 44-14-4; P.L. 1958, ch. 17, art. 2, § 1; P.L. 1959, ch. 169, art. 1, § 1; P.L. 1960, ch. 66, art. 1, § 1; P.L. 1968, ch. 263, art. 6, § 1; P.L. 1970, ch. 139, art. 1, § 3; P.L. 1995, ch. 370, art. 34, § 2; P.L. 1999, ch. 354, § 30.
RI Gen L § 44-14-5 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-5 - Minimum tax.

§ 44-14-5. Minimum tax.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).History of Section.P.L. 1942, ch. 1212, art. 7, § 3; P.L. 1943, ch. 1341, § 2; G.L. 1956, § 44-14-5; P.L. 1958, ch. 17, art. 2, § 1; P.L. 1959, ch. 169, art. 1, § 1; P.L. 1960, ch. 66, art. 1, § 1; P.L. 1968, ch. 263, art. 6, § 1; P.L. 1970, ch. 139, art. 1, § 3; P.L. 1977, ch. 136, § 1.
RI Gen L § 44-14-6 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-6 - Filing of annual return.

§ 44-14-6. Filing of annual return.(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 or before the fifteenth (15th) day of the third (3rd) month following the close of the fiscal year.(b) For tax years beginning after December 31, 2015, a return, in the form and containing the information that the tax administrator may prescribe, shall be filed with the tax administrator by the taxpayer on or before the date a federal return is due to be filed, without regard to extension.History of Section.P.L. 1942, ch. 1212, art. 7, § 4; G.L. 1956, § 44-14-6; P.L. 1970, ch. 139, art. 1, § 4; P.L. 1989, ch. 378, § 1; P.L. 2016, ch. 142, art. 13, § 12.
RI Gen L § 44-14-7 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-7 - Extension of time for return.

§ 44-14-7. Extension of time for return.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 required to pay as part of any tax due, interest at the annual rate prescribed by § 44-1-7 from the day when the return should have been filed as if no extension had been granted.History of Section.P.L. 1942, ch. 1212, art. 7, § 4; G.L. 1956, § 44-14-7; P.L. 1992, ch. 388, § 4; P.L. 2008, ch. 98, § 41; P.L. 2008, ch. 145, § 41.
RI Gen L § 44-14-8 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-8 - Statements, returns, and rules and regulations.

§ 44-14-8. Statements, returns, and rules and regulations.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.History of Section.P.L. 1942, ch. 1212, art. 7, § 5; G.L. 1956, § 44-14-8; P.L. 2008, ch. 98, § 41; P.L. 2008, ch. 145, § 41.
RI Gen L § 44-14-9 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-9 - Reports filed with banking and insurance division.

§ 44-14-9. Reports filed with banking and insurance division.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.History of Section.P.L. 1942, ch. 1212, art. 7, § 5; G.L. 1956, § 44-14-9.
RI Gen L § 44-14-10 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-10 - "Net income" defined.

§ 44-14-10. "Net income" defined."Net income" means gross income as defined in §§ 44-14-11 and 44-14-12 minus the deductions allowed in §§ 44-14-13, 44-14-14, 44-14-14.1, 44-14-14.2, 44-14-14.3, 44-14-14.4, and 44-14-14.5.History of Section.P.L. 1942, ch. 1212, art. 7, § 6; G.L. 1956, § 44-14-10; P.L. 1995, ch. 370, art. 34, § 4.
RI Gen L § 44-14-11 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-11 - "Gross income" defined.

§ 44-14-11. "Gross income" defined."Gross income" includes all gains, profits, and income of the taxpayer from whatever sources derived during the income period; provided, that gains from the sale or other disposition of any property other than securities shall not be included in gross income, and losses from the sale or other disposition of any property other than securities shall not be deducted from gross income. For any taxable year beginning on or after January 1, 2020, gross income includes the amount of any Paycheck Protection Program loan forgiven for federal income tax purposes as authorized by the Coronavirus Aid, Relief, and Economic Security Act and/or the Consolidated Appropriations Act, 2021 and/or any other subsequent federal stimulus relief packages enacted by law, to the extent that the amount of the loan forgiven exceeds $250,000.History of Section.P.L. 1942, ch. 1212, art. 7, § 6; P.L. 1943, ch. 1341, § 3; G.L. 1956, § 44-14-11; P.L. 2021, ch. 162, art. 6, § 12, effective July 6, 2021.
RI Gen L § 44-14-12 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-12 - Gain or loss from disposition of securities.

§ 44-14-12. Gain or loss from disposition of securities.Gains or losses from the sale or other disposition of securities shall be determined as follows:(1) In the case of securities acquired on or after January 1, 1941, the basis shall be the cost of the securities, and the tax administrator may require that the basis be adjusted for amortization of premiums, if any, on "securities" as defined in § 44-14-2(5)(ii), reasonably allowed or allowable to the date of sale or other disposition of the securities.(2) In the case of securities acquired prior to January 1, 1941, except as otherwise provided in subdivision (3) of this subsection, the basis shall be the market value on January 1, 1941, of the securities, provided, that:(i) No gain shall be recognized if the proceeds of the sale or other disposition of the securities, though greater than the market value on January 1, 1941, are less than or equal to the cost of the securities;(ii) No loss shall be recognized if the proceeds of the sale or other disposition of the securities, though less than the market value on January 1, 1941, are greater than or equal to the cost of the securities;(iii) If the cost of the securities, though greater than the market value on January 1, 1941, is less than the proceeds of the sale or other disposition of the securities, then the basis shall equal the cost of the securities;(iv) If the cost of the securities, though less than the market value on January 1, 1941, is greater than the proceeds of the sale or other disposition of the securities, then the basis shall equal the cost of the securities.(3) In the case of "securities", as defined in § 44-14-2(5)(ii), acquired at a premium prior to January 1, 1941, the basis shall be the market value on January 1, 1941, of the securities but not higher than the true amortized value as of January 1, 1941, of the securities, and the tax administrator may require that the basis be adjusted for amortization of the premiums, based upon the true amortized value, reasonably allowed or allowable to the date of sale or other disposition of the securities; provided, that gain shall be recognized only to the extent that the proceeds of the sale or other disposition of the securities exceed the adjusted true amortized value as of the date of sale or other disposition of the securities.History of Section.P.L. 1942, ch. 1212, art. 7, § 6; P.L. 1943, ch. 1341, § 3; G.L. 1956, § 44-14-12.
RI Gen L § 44-14-13 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-13 - Business expenses deductible.

§ 44-14-13. Business expenses deductible.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 this chapter. Without limiting the generality of the foregoing there shall be allowed as deductions: a reasonable allowance for salaries and other compensation for personal services actually rendered; rent; repairs; bad debts; interest; taxes, except United States income and excess profits taxes and the tax imposed by this chapter; losses sustained and not compensated for by insurance or otherwise; depreciation; depletion of mines, oil and gas wells, and timber; amortization of assets; amortization of premiums on "securities" as defined in § 44-14-2(5)(ii); and contributions to any corporation, association, or fund organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, no part of the net earnings of which inures to the benefit of any private shareholder or individual.History of Section.P.L. 1942, ch. 1212, art. 7, § 6; P.L. 1943, ch. 1341, § 3; P.L. 1947, ch. 1957, § 1; G.L. 1956, § 44-14-13.
RI Gen L § 44-14-14 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-14 - Write-downs or reserves for security losses.

§ 44-14-14. Write-downs or reserves for security losses.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 as deductions in the year in which they are recorded on its books and records as allocated to any security or group of securities, in which event the basis of the securities shall be adjusted to reflect the write-downs or reserves specifically allocated to any security, and the adjusted basis shall be used in determining gains or losses upon the sale or other disposition of the securities.History of Section.P.L. 1942, ch. 1212, art. 7, § 6; P.L. 1943, ch. 1341, § 3; P.L. 1947, ch. 1957, § 1; G.L. 1956, § 44-14-14.
RI Gen L § 44-14-14.1 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-14.1 - Apportionment and allocation of income for purposes of taxation.

§ 44-14-14.1. Apportionment and allocation of income for purposes of taxation.(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 laws of a foreign country, the Commonwealth of Puerto Rico or a territory or possession of the United States whose effectively connected income (as defined under the federal Internal Revenue Code) is taxable both within this state and within another state, other than the state in which it is organized shall allocate and apportion its net income as provided in §§ 44-14-14.1 — 44-14-14.5.(b) All income shall be apportioned to this state by multiplying this income by the apportionment percentage. The apportionment percentage is determined by adding the taxpayer's receipts factor (as described in § 44-14-14.3), property factor (as described in § 44-14-14.4), and payroll factor (as described in § 44-14-14.5) together and dividing the sum by three. If one of the factors is missing, the two remaining factors are added and the sum is divided by two. If two of the factors are missing, the remaining factor is the apportionment percentage. A factor is missing if both its numerator and denominator are zero, but it is not missing merely because its numerator is zero.(c) Each factor shall be computed according to the method of accounting (cash or accrual basis) used by the taxpayer for the taxable year.(d) If the allocation and apportionment provisions of §§ 44-14-14.1 — 44-14-14.5 do not fairly represent the extent of the taxpayer's business activity in this state, the taxpayer may petition for or the tax administrator may require, in respect to all or any part of the taxpayer's business activity, if reasonable:(1) The exclusion of any one or more of the factors;(2) The inclusion of one or more additional factors which will fairly represent the taxpayer's business activity in this State; or(3) The employment of any other method to effectuate an equitable allocation and apportionment of the taxpayer's income.History of Section.P.L. 1995, ch. 370, art. 34, § 5.
RI Gen L § 44-14-14.5 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-14.5 - Payroll factor.

§ 44-14-14.5. Payroll factor.(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 taxable year. The payroll factor shall include only that compensation which is included in the computation of the apportionable income tax base for the taxable year.(b) When compensation paid in this state. Compensation is paid in this state if any one of the following tests, applied consecutively, is met:(1) The employee's services are performed entirely within this state.(2) The employee's services are performed both within and outside of the state, but the service performed outside of the state is incidental to the employee's service within the state. The term "incidental" means any service which is temporary or transitory in nature, or which is rendered in connection with an isolated transaction.(3) If the employee's services are performed both within and outside of this state, the employee's compensation will be attributed to this state:(i) If the employee's principal base of operations is within this state;(ii) If there is no principal base of operations in any state in which some part of the services is performed, but the place from which the services are directed or controlled is in this state; or(iii) If the principal base of operations and the place from which the services are directed or controlled are not in any state in which some part of the service is performed, but the employee's residence is in this state.History of Section.P.L. 1995, ch. 370, art. 34, § 5.
RI Gen L § 44-14-15 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-15 - Dividends excluded from income.

§ 44-14-15. Dividends excluded from income.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;(2) Any utility if over fifty percent (50%) of the utility's gross earnings was apportioned to this state in determining the tax last imposed on it by chapter 13 of this title;(3) Any banking institution liable to a tax under this chapter; and(4) Any corporation specified in § 44-11-1(4)(i).History of Section.P.L. 1942, ch. 1212, art. 7, § 6; G.L. 1956, § 44-14-15; P.L. 1994, ch. 93, § 3.
RI Gen L § 44-14-16 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-16 - Liability of fiduciaries.

§ 44-14-16. Liability of fiduciaries.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 extent as if the business were being conducted or liquidated or the assets sold by the agents or officers of the banking institution.History of Section.P.L. 1942, ch. 1212, art. 7, § 17; G.L. 1956, § 44-14-16.
RI Gen L § 44-14-17 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-17 - Exemption of intangible property and stock from taxation.

§ 44-14-17. Exemption of intangible property and stock from taxation.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.History of Section.P.L. 1942, ch. 1212, art. 7, § 7; G.L. 1956, § 44-14-17.
RI Gen L § 44-14-18 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-18 - Payment of tax.

§ 44-14-18. Payment of tax.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.History of Section.P.L. 1942, ch. 1212, art. 7, § 8; G.L. 1956, § 44-14-18.
RI Gen L § 44-14-19 (2021)
2021 Rhode Island General Laws|Title 44 - Taxation|Chapter 44-14 - Taxation of Banks|Section 44-14-19 - Examination and correction of returns - Refund or credit.

§ 44-14-19. Examination and correction of returns — Refund or credit.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 not less than thirty (30) days' notice by mail of the time and place of the hearing upon the question of the correct amount of the tax. After the hearing, the taxpayer shall be given notice, by mail, by the tax administrator of the tax administrator's determination of the correct amount of the tax. If the tax administrator determines that the taxpayer has paid a tax in excess of the amount lawfully due, the tax administrator shall allow a refund or permit a credit as provided by law. If the tax administrator shall determine that the excess payment was made in good faith, the tax administrator may make the refund with interest at the annual rate prescribed by § 44-1-7.1 from the date of the excess payment.History of Section.P.L. 1942, ch. 1212, art. 7, § 8; G.L. 1956, § 44-14-19; P.L. 1992, ch. 388, § 4.