Rhode Island General Laws 44-11-12. Dividends and interest excluded from net income
There shall not be included in a taxpayer’s net income:
(1) Dividends received from the shares of stock of:
(i) Any banking institution liable to a tax under chapter 14 of this title; or
(ii) Any corporation liable to a tax imposed by this chapter; or
(2) Dividends received from the shares of stock of, or interest received on, the bonds, debentures, or other evidences of indebtedness or the distributive share of the taxable income of any public service corporation or company liable to a tax imposed by chapter 13 of this title.
History of Section.
G.L. 1938, ch. 37, § 5; P.L. 1947, ch. 1887, art. 1, § 1; G.L. 1956, § 44-11-12; P.L. 1989, ch. 130, § 2.
Terms Used In Rhode Island General Laws 44-11-12
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.