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-20-05-1.8 - Reporting

A. Banking Institution or credit union are required to file proper returns/reports twice each year. On or before January 15 following the close of the taxable year, banking institutions or credit unions shall file a report containing the information the Tax Administrator shall prescribe. No payment is required with the January 15 report. The June 15 filing is not an estimate and the amount reflected on it and those shown on the report filed on January 15 should be identical. In the case of mathematical and/or other errors and/or omissions which are discovered after the filing of the January report and prior to the filing of the June return, full and complete disclosure of the differences must be submitted with the June return and payment.

B. Each banking institution or credit union, on or before June 15 in each year, shall file a return with the tax administrator I the form and containing the information as he or she shall prescribe, and shall at the same time pay the tax imposed under R.I. Gen. Laws Chapter 44-15.

C. Institutions and credit unions reducing deposits for amounts shown in §§ 1.6(H) or 1.7(A) of this Part must attach schedules to reports/returns filed showing the nature, extent of loans to numbers, deposits in other Rhode Island credit unions and the relationship and location of each branch, facility or office.

D. Calculations of daily averages of deposits, book values of investments and assets, and other data used in the preparation of reports/returns required by this Chapter should be easily traceable to the institution or credit union's books, records and statements of condition. Reports to the Federal Deposit Insurance Corporation of the branch or branches within the State of Rhode Island may be used to verify such books, records and statements of condition.