RI H8187

Makes the pass-through entity tax credit fully refundable, allowing owners to receive a refund for any credit amount exceeding their Rhode Island individual income tax liability

Applies to pass-through entities (S corporations, partnerships, LLCs, trusts, sole proprietorships) that elect to pay state income tax at the entity level at 5.99%

Adds a sunset provision terminating the pass-through entity tax election after December 31 of the year when the federal $10,000 SALT deduction cap under IRC § 164(b)(6) is repealed

Authorizes the Commissioner of Revenue to promulgate rules governing elections, allocations, reporting, and calculation of the refundable credit

Takes effect upon passage