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Can you summarize RIGL Title 44, Chapter 14?
Taxation > Taxation of Banks
Short Summary
The provided legal document content pertains to the taxation of banks in the State of Rhode Island. It covers various aspects such as the examination and correction of tax returns, the authority of the tax administrator to examine books and records, the penalties for failure to file a return or pay tax, the apportionment and allocation of income for taxation purposes, the taxation of banking institutions in Rhode Island, the deduction of ordinary and necessary expenses, the collection of tax and penalties, the filing of claims for refund, the due date for tax payment, the determination of tax in case of failure to file a return, the calculation of the property factor, the enforcement of summons, the definition of gross income, the annual tax payment by national banking associations, the requirement to render statements and make returns, the calculation of the receipts factor, the filing of supplemental returns, the determination of gains or losses from the sale or disposition of securities, the penalties for false or fraudulent returns, the confidentiality of tax information, the calculation of the payroll factor, the requirement to file a return, the right to appeal administrative orders or decisions, the calculation of the property factor, the assessment of excise tax, the exclusion of certain dividends from net income, and the limitations on assessment or collection of tax. These documents apply to banking institutions, taxpayers, and other individuals or entities involved in transactions with banking institutions in Rhode Island. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banking institutions organized or incorporated under the laws of Rhode Island or having their principal place of business or a branch located within Rhode Island
What does it govern?
The taxation of banks
What are exemptions?
Banking institutions with an election in effect under subchapter S of the Internal Revenue Code are exempt from the Rhode Island tax or excise on banking institutions, except to the extent their income is subjected to federal tax under subchapter S
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Rhode Island