§ 44-11-14.5 - International investment management service income.
SECTION 44-11-14.5
§ 44-11-14.5 International investmentmanagement service income. – (a) Notwithstanding any other provisions of the general laws, any qualifiedtaxpayer located within the state which sells international investmentmanagement services to non-U.S. persons or non-U.S. investment funds shallexclude from its net income any income derived directly or indirectly from thesale of international investment management services.
(b) For purposes of this section, "non-U.S. persons" meansany person who is not a citizen of the United States and who is domiciledoutside of the United States during the entire taxable year; "non-U.S.investment funds" means any collective investment fund the sole beneficiariesof which are non-U.S. persons.
(c) For purposes of this section, "international investmentmanagement services" shall include, without limitation, investment advice,investment research, investment consulting, portfolio management,administration or distribution services (including, without limitation,transfer agent, fund accounting, customary and other similar or relatedservices) rendered to or on behalf of non-U.S. persons and non-U.S. investmentfunds.
(d) For purposes of this section, a "qualified taxpayer" isone which during the taxable year employs, or together with affiliatedtaxpayers with which it is eligible to file a consolidated tax return forfederal income tax purposes, an average of not less than five hundred (500)full-time equivalent employees in the state.