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-20-05-1.9 - Rate of Tax

Universal Citation: 280 RI Code of Rules 20 05 1.9

Current through September 18, 2024

A. Credit Unions - An annual tax is imposed on every credit union with total deposits in excess of one hundred fifty million dollars ($150,000,000) at a rate of six and ninety-five one hundredths cents ($.0695) on each one hundred dollars ($100) of the daily average of the deposits with the credit union during the calendar year. For those credit unions with total deposits of one hundred fifty million dollars ($150,000,000) or less the rate shall be six and one-quarter cents ($.0625) on each one hundred dollars ($100) of the daily average of deposits with the credit union during the calendar year.

B. Banking Institutions - For the period beginning January 1, 1998, and thereafter the tax rate shall be zero for all deposits.

C. Estimated Payments - Estimated payments are required in accordance the requirements of R.I. Gen. Laws Chapter 44-26.

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