Rhode Island DOR Proposes Modifications to Net Income Tax Rules

The Rhode Island Department of Revenue (DOR) has proposed a regulation implementing R.I. Gen. Laws § 44-11-11(a)(1)(viii), which amends the definition of net income for Rhode Island Business Corporation Tax purposes. The regulation addresses Rhode Island’s 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. It requires taxpayers to add back to their Rhode Island taxable income any income, deductions, or allowances that would have been subject to federal tax but for H.R.1, to preserve Rhode Island’s tax base. Comments on the proposed rules are due ...