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2023 Form T-74 - Rhode Island Banking Institution Excise Tax Return
SPECIFIC INSTRUCTIONS
DUE DATE: Due on or before the 15th day of the 4th month after Line 11 - Tax After Credits
close of the taxable year except for filers with a fiscal year end of Subtract the amount of credits on line 10 from the Rhode Island
June 30. The due date for those filers is September 15. Income Tax Amount on line 9. However, this amount cannot be less
than the minimum tax of $100.00.
INFORMATION SECTION: Enter the requested entity information
on the top of the form, including name, address, federal identifica- Line 12 - Estimated Tax Payments
tion number, type of return being filed, and if the entity is not a cal- Enter the total payments made on 2023 BUS-EST, Business
endar year filer, enter the beginning and end dates of the entity’s fis- Estimated Tax payments, including any overpayment carried for-
cal year. ward from the preceding taxable year.
Line 13 - Other Payments
SCHEDULE A - COMPUTATION OF TAX Enter the amount of all other tax payments (i.e. extension pay-
ment) made with respect to the taxable year.
Line 1 - Federal Income Tax
Enter the taxable income as it appears on Federal Form 1120, line Line 14 - Total Payments
28. Add the amounts from lines 12 and 13.
Line 2 - Total Deductions Line 15 - Net Tax Due
Enter Total Deductions from page 2, Schedule B, line 7. Subtract the amount on line 14 from the amount on line 11.
Line 3 - Total Additions Line 16 - Interest and Penalty Calculation
Enter Total Additions from page 2, Schedule C, line 6.
Enter the total of (a), (b) and (c) on this line.
RHODE ISLAND TAXABLE INCOME (a) Interest on the balance due
Line 4 - Adjusted Taxable Income
Subtract the total deductions amount on line 2 from the Federal For failure to pay the tax on time, interest at the rate of 12% (0.1200)
Taxable Income amount on line 1 and add the total additions amount per year; or 1.0% (0.0100) per month, shall be assessed.
on line 3.
Interest shall accrue on the amount from line 15 at the rate of 12%
Line 5 - Capital Investment Deduction per annum from the due date for filing the return to the actual date
The General Laws provide for a deduction for purposes of comput- of payment.
ing net income in accordance with Chapter 44-11, for investments in
certified venture capital partnerships. Taxpayers claiming this Return is due on or before the 15th day of the 4th month after the
deduction for investments in certified venture capital partnerships close of the taxable year except for filers with a fiscal year end of
must provide copies of certification from the Department of June 30. The due date for those filers is September 15.
Economic Development of the Venture Capital Partnership. A
recapture of a previously taken deduction may be necessary under (b) Penalty on the balance due
the law. This should be done by listing the recaptured amount as a
negative number. For failure to file the return on time, a penalty at the rate of 5%
(0.0500) per month not to exceed 25% (0.2500) shall be assessed.
Line 6 - Rhode Island Adjusted Taxable Income
Subtract your capital investment deduction on line 5 from your For failure to pay the tax on time, a penalty at the rate of 0.5%
adjusted taxable income on line 4. (0.0050) per month not to exceed 25% (0.2500) shall be assessed.
Line 7 - Rhode Island Apportionment Ratio (c) Interest for underpayment of estimated taxes
Complete Schedule F on page 3. Enter the amount from Schedule F,
line 5. In the case of any underpayment of the estimated taxes by a corpo-
ration there shall be added to the tax as the case may be for the tax-
Line 8 - Apportioned Rhode Island Taxable Income able year, an amount determined at the rate of 12% per annum upon
Multiply your adjusted taxable income amount from line 6 by the the amount of the underpayment for the period of the underpay-
Rhode Island Apportionment Ratio from line 7. ment.
Line 9 - Rhode Island Income Tax The amount of the estimated payments made for the tax year must
Multiply the amount on line 8 by 9% (0.0900). equal at least eighty (80%) percent of the current year tax amount,
or one hundred (100%) percent of the prior year tax amount,
Line 10 - Rhode Island Credits whichever is less. In addition, unless using the annualization of
Enter the amount from RI Schedule B-CR, Business Entity Credit income method, total payments and withholding for each quarter
Schedule, line 19. Proper documentation must be attached to your must be at least equal to one quarter of the amount of tax in order
return to support the amount of credit being claimed. to avoid underestimating interest. An overpayment or underpay-
ment from the immediately preceding quarter should be applied to