§ 44-39.3-1 - Exclusion for qualifying options. - Rhode-island Statutes

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Statutes > Rhode-island > Title-44 > Chapter-44-39-3 > 44-39-3-1

SECTION 44-39.3-1

§ 44-39.3-1 Exclusion for qualifyingoptions. – For purposes of determining the federal income tax liability of a taxpayersubject to Rhode Island income tax, the Rhode Island income of the taxpayerunder §§ 44-30-12 and 44-30-16 shall be determined by excluding anyincome, gain, or preference items resulting from the sale, transfer, orexercise of qualified and nonqualified stock options, the stock issued ortransferred on the exercise of any option, and warrants issued with respect tooptions and/or stock, of a qualifying corporation; provided, that the taxpayerwas a qualifying taxpayer and the taxpayer's employer who issued the option wasa qualifying corporation at the time the taxpayer acquired a vested interest inthe option and exercised the option.

State Codes and Statutes

Statutes > Rhode-island > Title-44 > Chapter-44-39-3 > 44-39-3-1

SECTION 44-39.3-1

§ 44-39.3-1 Exclusion for qualifyingoptions. – For purposes of determining the federal income tax liability of a taxpayersubject to Rhode Island income tax, the Rhode Island income of the taxpayerunder §§ 44-30-12 and 44-30-16 shall be determined by excluding anyincome, gain, or preference items resulting from the sale, transfer, orexercise of qualified and nonqualified stock options, the stock issued ortransferred on the exercise of any option, and warrants issued with respect tooptions and/or stock, of a qualifying corporation; provided, that the taxpayerwas a qualifying taxpayer and the taxpayer's employer who issued the option wasa qualifying corporation at the time the taxpayer acquired a vested interest inthe option and exercised the option.

State Codes and Statutes

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State Codes and Statutes

Statutes > Rhode-island > Title-44 > Chapter-44-39-3 > 44-39-3-1

SECTION 44-39.3-1

§ 44-39.3-1 Exclusion for qualifyingoptions. – For purposes of determining the federal income tax liability of a taxpayersubject to Rhode Island income tax, the Rhode Island income of the taxpayerunder §§ 44-30-12 and 44-30-16 shall be determined by excluding anyincome, gain, or preference items resulting from the sale, transfer, orexercise of qualified and nonqualified stock options, the stock issued ortransferred on the exercise of any option, and warrants issued with respect tooptions and/or stock, of a qualifying corporation; provided, that the taxpayerwas a qualifying taxpayer and the taxpayer's employer who issued the option wasa qualifying corporation at the time the taxpayer acquired a vested interest inthe option and exercised the option.