§ 44-61-1.1. Expensing in lieu of depreciation of assets. (a) For purposes of expensing of assets under chapters 11, 14, and 30 of this title, the expense deduction shall not exceed the sum provided for under the internal revenue code, 26 U.S.C. § 179. In the year that those assets are placed in service, expensing of assets for Rhode Island tax purposes shall be allowed in the same manner as is provided for under the internal revenue code 26 U.S.C. § 179. Any remaining tax basis of the asset purchased shall be depreciated as provided for under the internal revenue service code sections 26 U.S.C. §§ 167 and 168, excluding § 168(k).
(b) The gain resulting from any subsequent disposition of these assets shall be computed using a basis consistent with the Rhode Island expenses and depreciation allowed under subsection (a) of this section.
(c) There is hereby established a depreciation of assets transfer fund for the purpose of reserving sufficient funding for the expensing of assets in accordance with subsection (a). The general assembly may appropriate such amounts to the fund deemed necessary for said purpose.
History of Section. (P.L. 2003, ch. 376, art. 7, § 4; P.L. 2008, ch. 14, § 1; P.L. 2013, ch. 144, art. 9, § 1; P.L. 2014, ch. 528, § 67.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
