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RI H7397
Bill
Status
Introduced
1/28/2026
Primary Sponsor
Stephen Casey
Click for details
AI Summary
- Repeals Rhode Island's corporation minimum tax, which currently requires all corporations to pay at least $400 annually (reduced from $450 for tax years beginning January 1, 2017)
- Eliminates the minimum tax requirement for S corporations that have an election in effect under federal subchapter S
- Corporations would only owe tax based on their calculated net income at the 7% rate, with no floor amount
- Takes effect immediately upon passage
Legislative Description
Repeals the corporation minimum tax.
Taxation
Last Action
Introduced, referred to House Finance
1/28/2026
Committee Referrals
Finance1/28/2026
Full Bill Text
No bill text available