Rhode Island H8611 amends the apportionment and allocation of income for banks' tax purposes.

Rhode Island H8611 modifies the apportionment and allocation of income for banks' tax purposes. It allows banks to elect to allocate and apportion their net income using alternative methods if the standard provisions do not accurately reflect their income from business within the state. This act takes effect for tax years beginning on or after January 1, 2025.

Rhode Island H8611 amends the apportionment and allocation of income for banks' tax purposes.

Rhode Island H8611 modifies the apportionment and allocation of income for banks' tax purposes. It allows banks to elect to allocate and apportion their net income using alternative methods if the standard provisions do not accurately reflect their income from business within the state. This act takes effect for tax years beginning on or after January 1, 2025.