280 R.I. Code R. 280-RICR-20-05-1.7 - Specific Exclusions

A. Banking institutions and credit unions may exclude from taxation a percentage of deposits equal to the percentage of the daily average of book value of total assets of the taxpayer for the calendar year as are invested in the book value of obligations of the United States, its territories and possessions and of any authority, commission or instrumentality of the United States exempt from state taxation under the laws of the United States.

B. The formula for this exclusion may be stated as follows:

EXCLUSION =

Daily Average Book Value of Exempt Obligations DAILY AVERAGE

----------------------------------------------------------------- X OF

Daily Average Book Value of Total Assets DEPOSITS

Notes

280 R.I. Code R. 280-RICR-20-05-1.7