Electronic Filing Mandate and New Sales Tax Form ELECTRONIC FILING MANDATE: In accordance with changes signed into law in June of 2022, a larger business registrant will be required to use electronic means to file returns and remit taxes to the State of Rhode Island for tax periods beginning on or after January 1, 2023. Visit our Electronic Filing Mandate page for more information on this requirement. NEW SALES TAX FORM: Starting with the return for the period ending January 2023 [filed in February 2023], monthly and quarterly Sales and Use Tax filers will begin using the RI Division of Taxation's new sales form - Form RI-STR. Click for Form RI-STR, the form instructions and the Advisory issued regarding the new form. Forms STM and STQ are to be used only for periods ending on or before December 31, 2022. For guidance on completing and filing Form RI-STR, click here.
PPP Loan Forgiveness Paycheck Protection Program Loan Forgiveness Information Legislation approved by the Rhode Island General Assembly and signed into law by Rhode Island Governor Daniel J. McKee on July 6, 2021, addressed the issue of PPP loan forgiveness as it relates to the Rhode Island corporate income tax (R.I. Gen. Laws § 44-11), bank excise tax (R.I. Gen. Laws § 44-14), and personal income tax (R.I. Gen. Laws § 44-30). Under that legislation, as enacted, if the amount of PPP loan forgiveness exceeds $250,000, the increment above $250,000 must be included in income for Rhode Island tax purposes. Also, under that legislation, as enacted, the Division must waive interest and penalty on the portion of the forgiven PPP loan for 2020 that is taxed under the corporate income tax, the bank excise tax, and the personal income tax - provided that the tax on that portion is paid in full by the taxpayer on or before March 31, 2022. Forms to use for tax year 2020 to pay the tax owed on the loan Form RI-PPP Entity - Updated 11/03/2021 - use if the entity that received the PPP loan is the entity paying the tax due Form RI-PPP Individual - use if the pass-through entity elects to have the members/shareholders pay the tax due Additional Information FAQs - Updated 11/10/2021 - information in question-and-answer format. Advisory 2021-39: PPP loans - further guidance on tax treatment issued on October 20, 2021 Advisory 2021-34: Tax treatment of PPP loans - latest guidance issued on September 1, 2021 House Bill 6122, Substitute A, as amended Contact Information If you have any questions, contact the Assessment and Review Section. For corporate income tax or bank excise tax: Email: Tax.Corporate@tax.ri.gov Phone: 401.574.8935. For personal income tax: Email: Tax.Assist@tax.ri.gov Phone: 401.574.8829, option #3. The phones are typically staffed from 8:30 a.m. to 3:30 p.m. business days.