§ 7-16-73 - Construction with other laws.
SECTION 7-16-73
§ 7-16-73 Construction with other laws.– (a) Unless the provisions of this chapter or the context indicate otherwise,each reference in the general laws to a "person" is deemed to include a limitedliability company, and each reference to a "corporation", except for referencesin the Rhode Island Business and Nonprofit Corporation Acts, and except withrespect to taxation, is deemed to include a limited liability company.
(b) As to taxation, a domestic or foreign limited liabilitycompany shall be treated in the same manner as it is treated under federalincome tax law.
(c) If a domestic or foreign limited liability company istreated as a partnership for purposes of federal income taxation:
(1) Any member of the limited liability company during anypart of the limited liability company's taxable year shall file a Rhode Islandincome tax return and shall include in Rhode Island gross income that portionof the limited liability company's Rhode Island income allocable to themember's interest in the limited liability company.
(2) Any member of the limited liability company who is anon-resident shall execute and forward to the limited liability company beforethe original due date of the Rhode Island limited liability company return anagreement which states that the member will file a Rhode Island income taxreturn and pay income tax on the non-resident member's share of the limitedliability company's income which was derived from or attributable to sourceswithin this state, and the agreement shall be attached to the limited liabilitycompany's Rhode Island return for the taxable year.
(3) In the event that the non-resident member's executedagreement is not attached to the Rhode Island limited liability company returnor the agreement set forth above is attached to the limited liability companyreturn and subsequently the non-resident member fails to file a timely incometax return, then within thirty (30) days of the date of notice by the TaxAdministrator to the limited liability company, the limited liability companyshall remit to the Tax Administrator the non-resident member's tax on themember's share of the limited liability company's income which was derived fromor attributable to sources within this state, which tax shall be computed atthe statutory rate applicable to corporations.
(4) A non-resident member is required to file a Rhode Islandincome tax return even though the member's only source of Rhode Island incomewas that member's share of the limited liability company's income which wasderived from or attributable to sources within this state, and the amount ofremittance by the limited liability company on behalf of the non-residentmember shall be allowed as a credit against that member's Rhode Island incometax liability.