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S 3152 - Establishes a Citizens Bank Tax Cut - Rhode Island Key Vote

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Title: Establishes a Citizens Bank Tax Cut

Vote Smart's Synopsis:

Vote to concur with Senate passage and pass a bill that establishes a Citizens bank tax cut that authorizes banks with an election to use the allocation and apportionment method of income for taxation purposes in Rhode Island.

Highlights:

  • Specifies that any expense transactions between a taxpayer and a unitary business shall be considered to be net income (Sec. 1). 

  • Specifies that the adjustments made in this section shall add back otherwise deductible business expenses paid, accrued, or incurred to a related member (Sec. 1). 

  • Amends banking taxation statutes to require new applications (Sec. 1).

Full Bill Text

See How Your Politicians Voted

Title: Establishes a Citizens Bank Tax Cut

Vote Smart's Synopsis:

Vote to pass a bill that establishes a Citizens bank tax cut that authorizes banks with an election to use the allocation and apportionment method of income for taxation purposes in Rhode Island.

Highlights:

  • Specifies that any expense transactions between a taxpayer and a unitary business shall be considered to be net income (Sec. 1). 

  • Specifies that the adjustments made in this section shall add back otherwise deductible business expenses paid, accrued, or incurred to a related member (Sec. 1). 

  • Amends banking taxation statutes to require new applications (Sec. 1).

Full Bill Text

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