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Rhode Island adopts combined reporting, single sales factor apportionment and market-based sourcing

Rhode Island Gov. Lincoln Chafee signed budget legislation June 19 enacting various tax provisions, including the adoption of unitary combined reporting, a single sales factor for corporate income tax apportionment purposes and market-based sourcing of sales of items other than tangible personal property. The legislation also reduces the corporate income tax rate, repeals the franchise tax, eliminates the captive real estate investment trust and related-party addback provisions, and modifies various sales tax provisions.

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