Annual report on tax credits, incentives

The Division of Taxation has posted on its website its latest annual tax credit and incentive report, as required by Rhode Island statute.

The latest report identifies 12 businesses that received a combined total of approximately $32.2 million in certain state tax credits and incentives for the fiscal year that ended June 30, 2020.

Two of those recipients also received a combined total of approximately $5.1 million in other Rhode Island tax credits and incentives, the report shows.

Historic tax credits

A separate part of the report shows, in the aggregate, certain information related to projects that have requested certification under Rhode Island’s historic preservation tax credit program of 2013.

The report shows, in the aggregate, the number of jobs created, the number of Rhode Island businesses retained for work, the total amount of qualified rehabilitation expenditures, and the cost of materials or products purchased from Rhode Island businesses. To view the full report, click here.

Latest Security Summit tips for tax professionals

The Rhode Island Division of Taxation recently posted two Advisories that contain the latest Security Summit tips for tax professionals. 

• ADV 2020-37 urges tax professionals to be alert to new phishing scams that try to take advantage of the coronavirus (COVID-19) pandemic, the federal economic stimulus payments, and increased teleworking.
• ADV 2020-38 reminds tax professionals that federal law requires them to have a written information security plan.

Use self-screening tool before visiting Division's office

The Rhode Island Division of Taxation reminds taxpayers, tax professionals, vendors, and others to use Rhode Island’s self-screening tool prior to visiting the Division’s office in order to limit the spread of the coronavirus (COVID-19). To learn more, click here.

Proposed regulation on individual mandate

 The Rhode Island Division of Taxation has proposed a regulation involving Rhode Island’s health insurance mandate (also known as the individual mandate). To learn more, click here.

Tax professionals: Use VPN to secure client data

 As more tax professionals consider teleworking during the coronavirus (COVID-19) pandemic, the Security Summit urges tax practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders. To learn more, click here.

Latest Administrative Decision

The Rhode Island Division of Taxation has posted its latest Administrative Decision.

• Decision No. 2020-07 looks at whether hemp cigarettes seized by the Division meet the statutory definition of "cigarettes" and thus require a Rhode Island cigarette tax stamp.