Post details: Rhode Island --Corporate and Personal Income, Insurance Taxes: CODI Decoupling Enacted, Lower Capital Gains Rates Eliminated, Other Changes Made

07/02/09

Permalink 12:17:16 pm, Categories: News, 102 words   English (US)

Rhode Island --Corporate and Personal Income, Insurance Taxes: CODI Decoupling Enacted, Lower Capital Gains Rates Eliminated, Other Changes Made

CCH (cch.taxgroup.com) reports:

  Rhode Island Gov. Donald L. Carcieri has signed the budget bill which (1) decouples the calculation of the corporate and personal income taxes from the federal provision deferring the recognition of income from the discharge of business indebtedness (CODI), (2) eliminates the lower tax rates for capital gains, (3) requires e-filing for personal income withholding tax in certain circumstances, (4) expands the failure to pay penalty, (5) makes the qualifications for the Jobs Development Act more stringent, and (6) increases certain insurance company fees. Sales and use tax provisions (TAXDAY, 20090702-S.25) and motor fuel and estate tax provisions (TAXDAY, 20090702-S.24) are reported separately.

 

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