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The Rhode Island Division of Taxation released an replace concerning individual income, company revenue, sale, use, and excise tax with a retroactive effective date of January 1, 2024. The replace extends an inventory of incentive packages and tax credit. Rhode Island’s Division of Taxation released a specialized tax information for contractors doing enterprise in the state. Compare state tax charges in Connecticut, Massachusetts, New York, and Rhode Island. For any taxable year beginning on or after January 1, 2020, the quantity of any PPP loan forgiven for federal revenue tax purposes to the extent that the amount of the loan forgiven exceeds $250,000 should be included in earnings for Rhode Island tax functions. The Rhode Island Division of Taxation issued an advisory stating interest charge modifications that may go into effect for the calendar yr 2025. The interest rate for overpayments will decrease from 8.5% - 8% per yr. The Rhode Island Division of Taxation has announced that it is following the internal Revenue Service (IRS) and extending till May 17, 2021, the deadline for people to file their Rhode Island personal revenue tax returns and make associated payments for the 2020 tax year

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