The Rhode Island Division of Taxation has revised and adopted several rules dealing with corporate income tax, franchise tax, and gross premiums tax estimated payments, pass-through entities and letters of good standing.
The estimated tax payment rule (CT 12-10) is reorganized to clarify due dates and the forms used to make payments under various business taxes. The rule supersedes CT 01-10.
A rule about limited liability companies (CT 12-14) clarifies the filing requirements for the LLC and its members. It also incorporates information from a bulletin regarding pass-through entity withholding requirements. The rule supersedes CT 98-14.
The limited liability partnership and limited partnership rule (CT 12-16) implements the law that imposes a filing requirement on partnerships and their partners as well as charges an annual fee equal to the minimum tax on corporations. [M&Q Note: This requirement was added as part of last year’s budget bill.]
A rule about letters of good standing (CT 12-03) is revised to implement a law that requires corporations to notify the tax administrator if they are selling or transferring a major part of the value of Rhode Island assets other than in the ordinary course of business. The filing requirement for a letter of good standing is the proper method for notification. The rule supersedes CT 03-03.
Regulations CT 12-03, CT 12-10, CT 12-14, and CT 12-16 are effective July 1, 2012.
Tags: corporate income tax, CT 12-03, CT 12-10, CT 12-14, CT 12-16, estimated payments, estimated tax payment, franchise tax, gross premiums tax, letters of good standing, limited liability companies, limited liability partnership, limited partnership, LLC, pass-through entities, pass-through entity withholding requirements, Rhode Island Division of Taxation