Rhode Island legislation includes reduced corporate tax rate, combined reporting and single sales factor

May 2014


On May 7, 2014 the Rhode Island Senate introduced S.B. 2988 that would reduce the corporate income tax rate from 9 percent to 7 percent, adopt a single sales factor apportionment formula and implement combined reporting for multi-state corporations.  The changes are effective for tax years beginning on or after January 1, 2015.

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