Tax News

CCH (cch.taxgroup.com) reports:

The Rhode Island budget bill (1) increases the gross premiums tax on insurance companies, (2) places limits on the motion picture production investment credit against the corporate and personal income taxes, the gross premiums tax, and the bank excise tax as well as on the innovation and growth credit against the corporate and personal income taxes and the franchise tax, and (3) repeals the foreign tax credit against the personal income tax. A separate story discusses changes to the utilities and motor fuel taxes. (TAXDAY, 2008/06/27, S.17)