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Can you summarize RICR Title 280, Chapter 20, Subchapter 05?
Division of Taxation > Banks
Short Summary
The legal document titled ‘Bank Deposits Tax’ governs the definition of ‘deposits’ for various types of financial institutions, including national banking associations, state banks, trust companies, savings banks, building and loan associations, savings and loan associations, loan and investment companies, and credit unions. The document provides specific definitions for ‘deposits’ for each type of institution, including the types of deposits or time deposits that are included or excluded. It also defines terms such as ‘international banking facility’ and ‘international credit union facility’. The document further clarifies that deposits in Federally chartered credit unions are not included in the definition. Additionally, deposits made at a branch or office of any banking institution or credit union located outside of Rhode Island are not included, provided that such deposits are made at a branch or office outside of Rhode Island, or an international banking facility or an international credit union facility, or which are payable only at an office located outside of the United States.
Whom does it apply to?
The document applies to national banking associations, state banks, trust companies, savings banks, building and loan associations, savings and loan associations, loan and investment companies, and credit unions.
What does it govern?
The legal document titled 'Bank Deposits Tax' governs the definition of 'deposits' for various types of financial institutions, including national banking associations, state banks, trust companies, savings banks, building and loan associations, savings and loan associations, loan and investment companies, and credit unions.
What are exemptions?
Deposits in Federally chartered credit unions are not included in the definition. Additionally, deposits made at a branch or office of any banking institution or credit union located outside of Rhode Island are not included, provided that such deposits are made at a branch or office outside of Rhode Island, or an international banking facility or an international credit union facility, or which are payable only at an office located outside of the United States.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Rhode Island