Post details: Rhode Island --Multiple Taxes: Addback Required for Intangibles Expenses, Other Changes Made

06/28/07

Permalink 08:17:09 pm, Categories: News, 95 words   English (US)

Rhode Island --Multiple Taxes: Addback Required for Intangibles Expenses, Other Changes Made

CCH (cch.taxgroup.com) reports:

Following the Legislature's recent override of the budget bill veto (TAXDAY, 2007/06/25, S.41), Rhode Island corporate income taxpayers are required to add back interest and intangibles expenses for corporate income tax purposes, captive REITs are required to add back dividends, and a "throwback" rule is added to the sales factor numerator calculations. In addition, combined reporting will be studied, and the capital gains tax rate will not be reduced as previously scheduled. Finally, insurance premiums tax rates are revised, utility companies provisions are amended, and personal income tax credits are added.

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