Main Street RI Streetscape - Rhode Island Commerce

MAIN STREET RI STREETSCAPE

General Business Incentives

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Real Estate Incentives

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Manufacturing Incentives

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Research and Development

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Workforce Programs

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Foreign Trade Zones

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

Financial Services Industry Incentives

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

RHODE ISLAND BUSINESS INCENTIVES 2018

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

General Information

Corporate tax rate
The corporate income tax rate under Rhode Island General Laws (RIGL) § 44-11-2 is 7%, down from 9%. For some taxpayers, the actual rate could be lower, depending on certain factors. In addition, effective for tax years beginning on or after January 1, 2015, C-Corporations will use a single sales factor to apportion income to Rhode Island (in lieu of the standard three-factor apportionment formula). The annual corporate minimum tax remains at $450. Citation: RIGL 44-11  
Franchise tax repeal
 
Personal Income Taxes
Beginning January 2011, Rhode Island’s personal income tax structure has been modified to lower the personal income tax rates in the state. Highlights of the legislation include:
  • Reduces the number of tax brackets from five to three
  • Lowers the top bracket from 9.99% to 5.99%
  • Increases standard deductions for taxpayers to between $7,800 and $15,600 with personal and dependent exemptions equal to $3,650
  Rhode Island Division of Taxation Rhode Island General Law

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