Rhode Island § 44-11-14.3 § 44-11-14.3. Credit card banks — Allocation and apportionment of income.

Rhode Island Statutes

§ 44-11-14.3 — § 44-11-14.3. Credit card banks — Allocation and apportionment of income.

Rhode Island § 44-11-14.3

Title 44Taxation

Ch. 44-11Business Corporation Tax

This text of Rhode Island § 44-11-14.3 (§ 44-11-14.3. Credit card banks — Allocation and apportionment of income.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 44-11-14.3 (2026).

Text

§ 44-11-14.3. Credit card banks — Allocation and apportionment of income.
Notwithstanding any other provisions of the general laws, any banking institution
            whose business activities are taxable within and outside of this state and whose activities
            are limited to those described in Section 2(c)(2)(F) of the Bank Holding Company Act
            (12 U.S.C. § 1841(c)(2)(F)) may elect the allocation and apportionment method for the taxpayer's net income
            provided for in this section. The election, if made, shall be irrevocable for successive
            periods of five (5) years. All net income derived directly or indirectly from the
            banking institution shall be apportioned to R

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§ 44-11-14.3. Credit card banks — Allocation and apportionment of income.

Notwithstanding any other provisions of the general laws, any banking institution whose business activities are taxable within and outside of this state and whose activities are limited to those described in Section 2(c)(2)(F) of the Bank Holding Company Act (12 U.S.C. § 1841(c)(2)(F)) may elect the allocation and apportionment method for the taxpayer's net income provided for in this section. The election, if made, shall be irrevocable for successive periods of five (5) years. All net income derived directly or indirectly from the banking institution shall be apportioned to Rhode Island only to the extent that customers of the taxpayer are domiciled in Rhode Island. The portion of net income apportioned to Rhode Island shall be determined by multiplying the total net income from the sale of the services by a fraction determined in the following manner:

(1) The numerator of the fraction shall be the income derived from accounts owned by customers domiciled in Rhode Island for the banking institution's taxable year; and

(2) The denominator of the fraction shall be income derived from accounts owned by all of the banking institution's customers for the same taxable year.