Section 44-14-1. – Short title.
§ 44-14-1. Short title. This chapter may be designated as the “Bank Tax Act”. History of Section.P.L. 1942, ch. 1212, art. 7, § 1; G.L. 1956, § 44-14-1.
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.
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 […]
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 […]
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 […]
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 […]
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 […]
Section 44-14-14.2. – Definitions applicable to §§ 44-14-14.1 — 44-14-14.5.
§ 44-14-14.2. Definitions applicable to §§ 44-14-14.1 — 44-14-14.5. As used in §§ 44-14-14.1 — 44-14-14.5, unless the context otherwise requires: (a) “Billing address” means the location indicated in the books and records of the taxpayer on the first day of the taxable year (or on such later date in the taxable year when the […]
Section 44-14-14.3. – Receipts factor.
§ 44-14-14.3. Receipts factor. (a) General. The receipts factor is a fraction, the numerator of which is the receipts of the taxpayer in this state during the taxable year and the denominator of which is the receipts of the taxpayer within and outside of this state during the taxable year. The method of calculating receipts […]
Section 44-14-14.4. – Property factor.
§ 44-14-14.4. Property factor. (a) General. The property factor is a fraction, the numerator of which is the average value of real property and tangible personal property rented to the taxpayer that is located or used within this state during the taxable year, the average value of the taxpayer’s real and tangible personal property owned […]
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 […]
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; […]
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 […]
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.
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 […]
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 […]
Section 44-14-19.1. – Claims for refund — Hearing upon denial.
§ 44-14-19.1. Claims for refund — Hearing upon denial. (a) Any taxpayer may file a claim for refund with the tax administrator at any time within two (2) years after the tax has been paid, or in the case of a change or correction of its taxable income by any official of the state of […]
Section 44-14-19.2. – Limitations on assessment.
§ 44-14-19.2. Limitations on assessment. (a) General. Except as provided in this section the amount of the excise tax shall be assessed within three (3) years after the return was filed (whether or not the return was filed on or after the prescribed date). For this purpose, a tax return filed before the due date […]
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 […]
Section 44-14-20. – Interest on delinquent payments.
§ 44-14-20. Interest on delinquent payments. If any tax imposed by this chapter is not paid when due, the taxpayer shall be required to pay as part of the tax interest thereon at the annual rate provided by § 44-1-7 from that time. History of Section.P.L. 1942, ch. 1212, art. 7, § 8; G.L. 1956, […]