The bill amends Section 44-11-2 of the General Laws concerning the Business Corporation Tax in Rhode Island. It establishes that the tax imposed shall not be less than four hundred dollars ($400) for corporations, effective for tax years beginning on or after January 1, 2017. The bill specifies that no small business corporation having an election in effect under subchapter S shall be required to pay this minimum tax in its first year of existence when a tax return is due. The bill aims to provide tax relief for new small businesses while maintaining the tax structure for other corporations.

Statutes affected:
5753: 44-11-2