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 relief to new small businesses by exempting them from the minimum tax during their initial year. The act will take effect upon passage.

Statutes affected:
1045: 44-11-2