Rhode Island H8187 makes credits for pass-through entities refundable.

Rhode Island H8187 amends the state's business corporation tax law to make credits for pass-through entities refundable. This means that any excess credit beyond the member's Rhode Island tax liability will be refunded. The bill applies to tax years beginning on or after January 1, 2019, and will sunset after the federal limitation on state and local tax deductions is repealed. The commissioner of revenue is authorized to create rules and regulations to implement this change.

Rhode Island H8187 makes credits for pass-through entities refundable.

Rhode Island H8187 amends the state's business corporation tax law to make credits for pass-through entities refundable. This means that any excess credit beyond the member's Rhode Island tax liability will be refunded. The bill applies to tax years beginning on or after January 1, 2019, and will sunset after the federal limitation on state and local tax deductions is repealed. The commissioner of revenue is authorized to create rules and regulations to implement this change.