§ 44-11-14.4 Allocation and apportionment– Retirement and pension plans. – Notwithstanding any provisions of this chapter, any taxpayer located within thestate that sells management, distribution or administration services, includingwithout limitations, transfer agent, fund accounting, custody and other similaror related services, as described in this section to or on behalf of anemployee retirement plan or pension plan may elect the allocation andapportionment method for the taxpayer's net income provided for in thissection. The election, if made, shall be irrevocable for successive periods offive (5) years. All net income derived directly and indirectly from the sale ofthe management, distribution, or administration services to or on behalf of aretirement plan or pension plan, including net income received directly orindirectly from trustees, sponsors or participants of such a retirement plan orpension plan, shall be apportioned to Rhode Island only to the extent that thebeneficiaries or participants of a retirement plan or pension plan aredomiciled in Rhode Island as follows:
(1) Net income shall be multiplied by a fraction, thenumerator of which shall be Rhode Island receipts from the services during thetaxable year and the denominator of which shall be the total receiptseverywhere from the services for the same taxable year.
(2) For the purposes of this section, Rhode Island receiptsshall be determined by multiplying total receipts for the taxable year from aretirement plan or pension plan for which the services are performed by afraction. The numerator of the fraction shall be the average of the number oftotal beneficiaries or participants of each retirement plan or pension plandomiciled in this state at the beginning of and at the end of taxable year ofthe taxpayer, and the denominator of the fraction shall be the average of thenumber of total beneficiaries or participants of the retirement plan or pensionplan everywhere at the beginning of and at the end of each taxable year of thetaxpayer.
§ 44-11-14.4 Allocation and apportionment– Retirement and pension plans. – Notwithstanding any provisions of this chapter, any taxpayer located within thestate that sells management, distribution or administration services, includingwithout limitations, transfer agent, fund accounting, custody and other similaror related services, as described in this section to or on behalf of anemployee retirement plan or pension plan may elect the allocation andapportionment method for the taxpayer's net income provided for in thissection. The election, if made, shall be irrevocable for successive periods offive (5) years. All net income derived directly and indirectly from the sale ofthe management, distribution, or administration services to or on behalf of aretirement plan or pension plan, including net income received directly orindirectly from trustees, sponsors or participants of such a retirement plan orpension plan, shall be apportioned to Rhode Island only to the extent that thebeneficiaries or participants of a retirement plan or pension plan aredomiciled in Rhode Island as follows:
(1) Net income shall be multiplied by a fraction, thenumerator of which shall be Rhode Island receipts from the services during thetaxable year and the denominator of which shall be the total receiptseverywhere from the services for the same taxable year.
(2) For the purposes of this section, Rhode Island receiptsshall be determined by multiplying total receipts for the taxable year from aretirement plan or pension plan for which the services are performed by afraction. The numerator of the fraction shall be the average of the number oftotal beneficiaries or participants of each retirement plan or pension plandomiciled in this state at the beginning of and at the end of taxable year ofthe taxpayer, and the denominator of the fraction shall be the average of thenumber of total beneficiaries or participants of the retirement plan or pensionplan everywhere at the beginning of and at the end of each taxable year of thetaxpayer.
§ 44-11-14.4 Allocation and apportionment– Retirement and pension plans. – Notwithstanding any provisions of this chapter, any taxpayer located within thestate that sells management, distribution or administration services, includingwithout limitations, transfer agent, fund accounting, custody and other similaror related services, as described in this section to or on behalf of anemployee retirement plan or pension plan may elect the allocation andapportionment method for the taxpayer's net income provided for in thissection. The election, if made, shall be irrevocable for successive periods offive (5) years. All net income derived directly and indirectly from the sale ofthe management, distribution, or administration services to or on behalf of aretirement plan or pension plan, including net income received directly orindirectly from trustees, sponsors or participants of such a retirement plan orpension plan, shall be apportioned to Rhode Island only to the extent that thebeneficiaries or participants of a retirement plan or pension plan aredomiciled in Rhode Island as follows:
(1) Net income shall be multiplied by a fraction, thenumerator of which shall be Rhode Island receipts from the services during thetaxable year and the denominator of which shall be the total receiptseverywhere from the services for the same taxable year.
(2) For the purposes of this section, Rhode Island receiptsshall be determined by multiplying total receipts for the taxable year from aretirement plan or pension plan for which the services are performed by afraction. The numerator of the fraction shall be the average of the number oftotal beneficiaries or participants of each retirement plan or pension plandomiciled in this state at the beginning of and at the end of taxable year ofthe taxpayer, and the denominator of the fraction shall be the average of thenumber of total beneficiaries or participants of the retirement plan or pensionplan everywhere at the beginning of and at the end of each taxable year of thetaxpayer.
