Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 20 - Division of Taxation
Subchapter 05 - Banks
Part 1 - Bank Deposits Tax (280-RICR-20-05-1)
Section 280-RICR-20-05-1.6 - Definitions

Universal Citation: 280 RI Code of Rules 20 05 1.6

Current through September 18, 2024

A. "Deposits" for institutions other than credit unions means:

1. In the case of a national banking association, state bank, trust company, or savings bank: savings deposits, participation deposits, or time deposits of any kind which bear interest or which are entitled to dividends.

2. In the case of a building and loan association or a savings and loan association: outstanding shares of stock of every class and howsoever designated plus dividend earnings applicable to such stock, or time deposits of any kind, but shall not include shares of stock and the dividend earnings applicable thereto, or time deposits of any kind pledged as collateral to secure mortgage loans on real estate.

3. In the case of a loan and investment company: deposits or time deposits of any kind, which bear interest; also fully paid or partly paid certificates of investment not including, however, payments made on investment certificates hypothecated as collateral against loans.

4. The terms "deposits" and "time deposits" as used in §§ 1.6(A)(1) through (3) of this Part mean and include deposits or savings made under any type of deposits or savings plan represented by certificates of deposit, savings bonds, or income certificates issued by any banking institution, or howsoever such or similar time deposits or savings plan may otherwise be designated.

B. "Deposits" for credit unions means shares of stock, either fully or partly paid, plus deposits, or time deposits of any kind which bear interest or which are entitled to dividends and also mean deposits or savings made under any type of deposits or savings plan represented by certificates of deposit, savings bonds, or income certificates issued by any institution, or howsoever such or similar time deposits or savings plan may otherwise be designated, provided however that deposits in Federally chartered credit unions are not included.

C. "International banking facility" means a facility, as defined in Regulation D, Reserve Requirements of Depository Institutions incorporated above at § 1.5(A), of the taxpayer-institution filing the report/return.

D. "International credit union facility" means a facility, as defined in regulations of the National Credit Union Administration incorporated above at § 1.5(B), of the taxpayer-credit union filing the report/return.

E. "Daily average" means a simple, unweighted average calculated each business day.

F. "Business day" shall mean a day in which the institution's deposits are available for withdrawal from a facility that is owned and maintained by the institution as part of its overall business practice, which would include an automatic teller machine.

G. "Book value of investments in exempt obligations" means only such investments as are owned by the taxpayer-institution or credit union and includes the amortization or accretion for such investments as are reflected on the taxpayer's books, records and statements of condition for the same periods. Exemption for Federal obligations are only valid for instruments which are fully backed by an obligation of the United States.

H. "Book value of total assets" means only such assets which are owned by the taxpayer-institution or credit union and includes such valuation accounts as are reflected on the taxpayer's books, records and statements of condition for the same periods.

I. The terms "deposits" or "time deposits" shown in §§ 1.6(A) and (B) of this Part (above) do not include any deposits of a branch or office of any banking institution or credit union located outside of this state, whether it is established de novo or acquired pursuant to an interstate merger, consolidation or acquisition, provided that such deposits are made at a branch or office outside of this state, or an international banking facility or an international credit union facility, or which are payable only at an office located outside of the United States.

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