State Codes and Statutes
Statutes > Rhode-island > Title-44 > Chapter-44-15 > 44-15-2SECTION 44-15-2
§ 44-15-2 Banking institutions – Taximposed. – (a) An annual tax is imposed on every banking institution at the rate of sixand ninety-five one hundredths cents ($.0695) for those banking institutionswith total deposits in excess of one hundred fifty million dollars($150,000,000) and at the rate of six and one-quarter cents ($.0625) for thosebanking institutions with total deposits of one hundred fifty million dollars($150,000,000) or less on each one hundred dollars ($100) of the daily averageof the deposits with the banking institution during the calendar year;provided, that there shall be excluded from taxation under the provisions ofthis chapter the percentage of the deposits as shall equal that percentage ofthe daily average of the total assets of the banking institution during thecalendar year as are invested in the book value of obligations of the UnitedStates, its territories and possessions and of any authority, commission, orinstrumentality of the United States exempt from state taxation under the lawsof the United States.
(b) For the period January 1, 1997, through December 31,1997, the six and ninety-five one hundredths cents rate ($.0695) shall bereduced to three and forty-eight one hundredths cents ($.0348) and the six andone-quarter cents rate ($.0625) shall be reduced to three and thirteen onehundredths cents ($.0313). For the period beginning January 1, 1998, andthereafter the tax rate shall be zero for all deposits.
