The Rhode Island Division of Taxation today filed as final two regulations: one dealing with limited liability companies (LLCs), the other with a personal income tax credit for costs associated with residential lead removal or lead hazard reduction.
Regulation CT 13-14, “Business Corporation Tax -- Limited Liability Companies,” amends and supersedes Regulation CT 12-14. It generally requires single-member LLCs which are disregarded entities to obtain a federal employer identification number.
Regulation CR 13-08, “Personal Income Tax – Tax Credits/Deductions – Residential Lead Abatement Income Tax Credit,” amends and supersedes Regulation CR 95-08. It generally updates the regulation to reflect provisions of current law.