§ 44-11-14.6 — § 44-11-14.6. Allocation and apportionment — Manufacturers.

Rhode Island § 44-11-14.6

• Jurisdiction: Rhode Island
• Title 44: Taxation
• Ch. 44-11: Business Corporation Tax

Text

§ 44-11-14.6. Allocation and apportionment — Manufacturers.

Notwithstanding any other provision of the general laws, a taxpayer, as described in § 44-11-14(a), whose principal business is described in sector 31, 32, or 33 of the North American Industry Classification System, as adopted by the United States Office of Management and Budget and as revised from time to time, may, in lieu of apportioning its net income to this state based on the allocation fraction described in § 44-11-14(a), elect for any year to apportion its net income to this state based on the following allocation fraction:

(1) for the tax year beginning on or after January 1, 2004, but before January 1, 2005, thirty percent (30%) of the property factor determined pursuant to § 44-11-14(a)(1) (the "property factorâ€�), thirty percent (30%) of the payroll factor determined pursuant to § 44-11-14(a)(3) (the "payroll factorâ€�), and forty percent (40%) of the sales factor determined pursuant to § 44-11-14(a)(2) (the "sales factorâ€�);

(2) for tax years beginning on or after January 1, 2005, twenty-five percent (25%) of the property factor, twenty-five percent (25%) of the payroll factor and fifty percent (50%) of the sales factor.

Legislative History

P.L. 2003, ch. 376, art. 7, § 1.