Rhode Island DOR Amends Net Income Tax Rules

The Rhode Island Department of Revenue (DOR) adopted regulations implementing modifications to net income for Business Corporation Tax purposes due to decoupling from certain provisions of the federal One Big Beautiful Bill Act (H.R.1) for tax years beginning on or before Jan. 1, 2025. The regulations require taxpayers to add back to Rhode Island taxable income certain deductions and allowances that would be subject to federal tax but for H.R.1, including changes related to business interest limitations, qualified sound recording production expenses, research and experimental expenditures, and expensing of depreciable business assets. The regulations take effect April 16. [R.I. Dep’t ...