Bank Excise Combined Reporting Study

Each banking institution which is part of a unitary business must file a report, in a manner prescribed by the tax administrator, for the combined group containing the combined net income of the combined group.

The Combined Reporting Study is effective for the taxable years beginning after December 31, 2023, but before January 1, 2026.

Complete the Combined Study report template linked on this page and have it ready for when you file Form T-74 on the R.I. Division of Taxation's Tax Portal.  

You will upload your completed Combined Study report template as part of your tax year 2024 Form T-74 filing on the R.I. Division of Taxation's Tax Portal.  

Please note the functionality to upload the template to your tax year 2024 period will become available on March 24, 2025.

The Combined Study report is due at the same time as the banking institution's Form T-74.  Form T-74 is due on or before the 15th day of the fourth month after the close of the taxable year except for filers with a fiscal year end of June 30. The due date for those filers is September 15. 

For those banking institutions that file an extension for Form T-74, the Combined Study report is due with the form on or before the extended due date.

Any banking institution which is required to file a report under this section which fails to file a timely report or which files a false report shall be assessed a penalty not to exceed ten thousand dollars ($10,000). 

The tax administrator shall on or before March 15, 2027, based on the information provided in income tax returns and the data submitted under this section, submit a report to the chairs of the house finance committee and senate finance committee, and the house fiscal advisor and the senate fiscal advisor analyzing the policy and fiscal ramifications of changing the bank excise tax statute to a combined method of reporting.