Income/Franchise:
Rhode Island DOR Summarizes Newly Extended NOL Carryforward Period and Bank Tax Law Changes
Summary of Legislative Changes, R.I. Dept. of Rev., Div. of Tax. (rev. 7/29/24). The Rhode Island Department of Revenue, Division of Taxation, posted a summary of tax legislation enacted in 2024 – including legislation that:
Revises Rhode Island’s corporate income tax so that for any taxable year beginning on or after January 1, 2025, the net operating loss (NOL) deduction may be carried forward for twenty years rather than just five [see H.B. 7225, signed by gov. 6/17/24, and State Tax Matters, Issue 2024-25, for more details on this legislation];
Permits some banks to elect single sales factor apportionment for bank excise tax purposes, and authorizes a combined reporting study requiring some banks to file an information report with their bank excise tax returns or else face added special penalties [see H.B. 7927 / S.B. 3152, signed by gov. 6/24/24, and State Tax Matters, Issue 2024-26, for more details on this legislation]; and
Revises provisions related to Rhode Island’s pass-through entity (PTE) tax by limiting the state tax credit passed through to owners for the amount of state income tax paid by the PTE [see H.B. 7225, signed by gov. 6/17/24, and State Tax Matters, Issue 2024-25, for more details on this legislation].
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