Wednesday, November 22, 2017

Inflation-adjusted amounts for TY 2018

The Rhode Island Division of Taxation today announced the standard deduction amounts, tax bracket ranges, and other key figures for the Rhode Island personal income tax for tax years beginning on or after January 1, 2018. For details, click here.

Tuesday, November 21, 2017

Proposed regulation - insurance premium tax rate

The Rhode Island Division of Taxation has posted a regulation that has to do with a recently enacted law involving Rhode Island’s insurance premium tax rate.

The law, enacted in June 2016, is intended to encourage insurance companies to create jobs in Rhode Island by linking Rhode Island’s insurance premium tax rate to the number of jobs created by the
industry in Rhode Island. Adding new jobs in the state could trigger a reduction in the tax rate insurance companies will pay.

The tax rate reduction is designed to be revenue-neutral by requiring that any reduction in insurance company tax rates is fully offset by the income tax generated from the newly created jobs.

  • The new regulation sets the standards by which the number of jobs at qualifying insurers is calculated. 
  • The new regulation also identifies whether the statutory criteria was met during calendar year 2016 to reduce the insurance premium tax rate.

The regulation is to take effect December 21, 2017. Public comments are invited. For more information, click here.

Public hearing on regulations

The Rhode Island Division of Taxation has posted a public hearing for December on proposed changes involving 12 regulations.

The proposed changes are part of the agency's months-long effort to streamline and re-codify its regulations. 

  • The proposals mainly involve revisions to ensure that 11 of the regulations are presented in the new Rhode Island Code of Regulations format. 
  • For one of the regulations, involving tax collections and trusts funds, the Division proposes repeal because the regulation simply repeats statute.

The hearing is scheduled to begin at 9:30 a.m. Eastern Time on December 7, 2017. More information is available on the website of the Rhode Island Department of State (Secretary of State). To learn more, click here. A table of the regulations is below.

Regulations for hearing December 7, 2017
Bibles and Other Canonized Scriptures
Billboards and Signs
Clothing, Clothing Accessories
Delivery Charges
Exemption of Sales by Writers, Composers and Artists
Finance Charges
Mobile and Manufactured Homes
Pet Care Services
Streamlined Sales and Use Tax Agreement
Tax Collections – Trust Funds
Materialmen – Pay When Paid
For full titles of each regulation, and additional information, see Department of State (Secretary of State) website:

Monday, November 20, 2017

Interest rates for 2018

The Rhode Island Division of Taxation has posted the interest rates that will apply in 2018 to overpayments and underpayments. For more information, click here.

Friday, November 17, 2017

Wednesday, November 15, 2017

Estate tax adjustments for 2018

The Rhode Island Division of Taxation today announced the estate tax credit amount and threshold for the estates of decedents dying on or after January 1, 2018. For more information, click here.

Tuesday, November 14, 2017

Expiring ITINs

The Internal Revenue Service has issued a reminder for taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible -- or face complications later on.

ITINs are used by people who have tax filing requirements under U.S. law but are not eligible for a Social Security number. For more information, click here.