Bill > H5403

This bill repeals the corporation minimum tax provision in Rhode Island's tax code. Specifically, the bill removes subsection (e) from section 44-11-2, which previously required corporations (including small business S corporations) to pay a minimum tax of $450 (reduced to $400 for tax years beginning on or after January 1, 2017), regardless of their net income. By eliminating this minimum tax requirement, corporations will now only be required to pay taxes based on their net income at the standard corporate tax rates (currently 7% for tax years beginning after January 1, 2015). The bill is straightforward in its approach, simply striking out the existing minimum tax language from the law, and will take effect immediately upon passage. This change could potentially reduce the tax burden for smaller corporations or those with low net income by removing the mandatory minimum tax payment.

Budget and Finance

https://status.rilegislature.gov/