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4          State of Rhode Island Division of Taxation                                                                                                                                     4
5          2023 RI-PTE                                                                                                                                                                    5
6          Pass-through Entity Election Tax Return                                                                   23113899990101                                                       6
7                                                                                                                                                                                         7
8      Federal employer identification number    Social security number                                                          Short                           Pro-             Cash    8
9                                                                                                                                Year                            Forma            Basis   9
10   99-9999999                                  999-99-9999                                                                     Address                         Amended                 10
       For the taxable year from                                                                                                 Change                          Return           Accrual
11                                                                                                                                                                                       11
                                                 through
12                               MM/DD07/01/2023        MM/DD/YYYY06/30/2024                                                                                                             12
13     Name                                                                                                                                                                              13
14   XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                                                                                             14
15     Address 1                                                                                                                                                                         15
16   XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                                                                                             16
17     Address 2                                                                                                                                                                         17
18   XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                                                                                             18
19     City, town or post office                                                                               State ZIP code                                                            19
20   XXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                             XX    99999                                                               20
21     E-mail address                                                                                          NAICS code                                                                21
22   XXXXXXXXXXXXXXXXXXXXXXXXXXXXX                                                                             99999999999                                                               22
23                                                                                                                                                               Sole                    23
   Entity   LLC                  LLP          LP        Partnership                                      SMLLC            S-Corp                                 Proprietor       Trust
24 type:                                                                                                                                                                                 24
25                                                                                                                                                                                       25
26 1 Total Pass-through Entity Income apportioned to Rhode Island.....................................................................                        1  9999999999999 99        26
27                                                                                                                                                                                       27
28 2 Percentage of the economic benefit received by each individual member in the entity..................................                                    2  0.999999                28
                                                                                                                                                                 _  .  _  _  _  _  _  _
29                                                                                                                                                                                       29
30 3 Pass-through Entity income generated by the individuals. Multiply line 1 by line 2........................................                               3  9999999999999 99        30
31                                                                                                                                                                                       31
32 4 Individual Tax Rate 5.99% .............................................................................................................................. 4       5.99%              32
33                                                                                                                                                                                       33
34 5 Pass-through Entity Election Tax. Multiply line 3 by line 4..............................................................................                5  9999999999999 99        34
35 6 a Pass-through Entity Election Estimates made on Form BUS-EST                                    6a                                                                                 35
36   plus any amount carried forward from the preceding year.............                                9999999999999 99                                        ALL RI-1099Es           36
37                                                                                                                                                               MUST BE ATTACHED        37
     (see instructions)...............................................................................
38 b PTE Extension made on Form BUS-EXT and NRREWH payments                                           6b 9999999999999 99                                        TO THIS RETURN          38
39                                                                                                                                                                                       39
40 c Total Payments. Add lines 6a and 6b..............................................................................................................        6c 9999999999999 99        40
41                                                                                                                                                                                       41
42 7 a Amount Due. Subtract line 6c from line 5.......................................................................................................DRAFT   7a 9999999999999 99        42
43 b                                                                                                                                                                                     43
44   Enter the amount of underestimating interest due from Form RI-2220. (attach form)                                                                        7b 9999999999999 99        44
     This amount should be added to line 7a or subtracted from line 8, whichever applies..................................
45                                                                                                                                                                                       45
46 cTOTAL AMOUNT DUE. Add lines 7a and 7b.Complete form BUS-V and send in with your payment  L                                                                7c 9999999999999 99        46
       
47                                                                                                                                                                                       47
   8 AMOUNT OVERPAID AND TO BE REFUNDED. If Line 6c is larger than line 5, subtract line 5 from                                                               8
48   line 6c. If there is an amount due for underestimating interest on line 7b, subtract line 7b from line 8    J                                               9999999999999 99        48
49                                                                                                                                                                                       49
50   Note: Due to the Rhode Island Division of Taxation’s plan to incorporate Form RI-PTE as a schedule to be filed with Forms                                                           50
51   RI-1065 and RI-1120S starting with tax years beginning on or after January 1, 2024, an overpayment can only be refunded                                                             51
52   for tax year 2023.  A carry forward of an overpayment, in whole or in part, will not be allowed.                                                                                    52
                                                 09/05/2023
53                                                                                                                                                                                       53
54 Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and                                 54
55 belief, it is true, accurate and complete.  Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.                            55
    Authorized officer signature                 Print name                                                                 Date                                 Telephone number
56                                                                                                                                                                                       56
57                                                                                                                                                                                       57
    Paid preparer signature                      Print name                                                                 Date                                 Telephone number
58                                                                                                                                                                                       58
59  Paid preparer address                     City, town or post office                                  State           ZIP Code                                            PTIN        59
60                                                                                                                                                                                       60
61                                                                                                                                                             P99999999                 61
62                                   May the Division of Taxation contact your preparer?   YES                                                                                           62
         1111111111222222222233333333334444444444555555555566666666667777777777888
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                                                                                                                                                                                  09/2023

      1111111111222222222233333333334444444444555555555566666666667777777777888Form RI-PTE - Pass-through Entity Election 
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4                           GENERAL INFORMATION AND INSTRUCTIONS                                                                                4
5                                                                                                                                               5
6                                                                                                                                               6
   For tax years beginning on or after January 1, 2019, a pass-through entity may elect to pay the state tax at the entity level at the rate of 
7                                                                                                                                               7
   five and ninety-nine hundredths percent (5.99%).  
8                                                                                                                                               8
9  If a pass-through entity elects to pay an entity tax under this subsection, the entity shall not have to comply with the provisions of R.I.  9
10 Gen. Laws § 44-11-2.2 regarding withholding on non-resident owners.                                                                          10
11                                                                                                                                              11
12 Using Form RI-1099E, the pass-through entity shall report the following information:                                                         12
13  • The pass-through entity’s identifying information - federal employer identification number, name and address;                             13
14  • The pass-through entity’s type;                                                                                                           14
15  • The accounting method used by the pass-through entity (this box must;be checked)                                                          15
16            •       If hybrid, check the box for the method of accounting that is being used for the application of the payments              16
    • If the pass-through entity has a year end date other than 12/31, enter the fiscal year dates; 
17                                                                                                                                              17
    • The pass-through entity member’s identifying information - social security number, name and address; 
18  • The pass-through entity member’s percent of ownership;                                                                                    18
19  • The pass-through entity member’s pro rata share of the state income taxes paid by the entity.  This is the amount that will be            19
20    allowed as a state tax credit for the pass-through entity member on his or her personal income tax return using RI Schedule W; 20
21    and                                                                                                                                       21
22  • The pass-through entity member’s pro rata share of the state income tax payments made by the entity as an income (addition) 22
23    modification to be reported by the pass-through entity member on his or her personal income tax return using RI Schedule M.               23
24    The entity will report the modification based upon the basis of accounting. (See Determining the Amount of income Required to 24
25    Be Reported by the Pass-Through Entity below)                                                                                             25
    
26                                                                                                                                              26
    
27 Filing Form RI-PTE                                                                                                                           27
28 Form(s) RI-1099E must be attached to Form RI-PTE, as well as to the personal income tax return(s) filed by the pass-through entity           28
29 member(s).  Credit will not be allowed for the pass-through entity election until all documentation has been received and until Form RI-     29
30 PTE has been filed.                                                                                                                          30
31                                                                                                                                              31
32                                                                                                                                              32
33 Electronic Mandate                                                                                                                           33
34 The Rhode Island Division of Taxation has an electronic mandate that requires Larger Business Registrants use electronic means to file 34
35 returns and remit taxes beginning on January 1, 2023.                                                                                        35
    
36                                                                                                                                              36
   A "larger business registrant" is defined as any person who: 
37    1) Operates as a business whose combined annual liability for all taxes administered by the Division of Taxation for the entity is 37
38    or exceeds $5,000; or                                                                                                                     38
39    2) Operated as a business whose annual gross income is over $100,000 for the entity.                                                      39
40                                                                                                                                              40
41 If you meet either of the above criteria you are required to file returns and remit taxes electronically.                                    41
42                                      DRAFT                                                                                                   42
43 Visit the RI Division of Taxation’s website for additional information.                                                                      43
44                                                                                                                                              44
   Taxation website: https://tax.ri.gov/online-services/tax-portal 
45                                                                                                                                              45
    
46 Taxation’s portal website: https://taxportal.ri.gov/                                                                                         46
47                                                                                                                                              47
48 In order to file your return and/or remit your payment through the portal, you will need a portal account and a PIN number.  If you do not   48
49 have both of those required items already, be sure to timely create your portal account and/or request a PIN number so that you are set 49
50 up and ready to file your return and/or remit your payment by the due date.  You do not need a portal account to request a PIN number.       50
51                                                                                                                                              51
52                       YOU MAY BE SUBJECT TO A PENALTY FOR FAILURE TO FILE RETURNS                                                            52
                                AND/OR REMIT PAYMENTS VIA ELECTRONIC MEANS. 09/05/2023
53                                                                                                                                              53
                                                                            
54                                                                                                                                              54
   If you are not required to file and pay via electronic means, use the following address to send in your return, attachments and payments: 
55    Rhode Island Division of Taxation                                                                                                         55
56    One Capitol Hill                                                                                                                          56
57    Providence, RI 02908-5811                                                                                                                 57
58                                                                                                                                              58
59                                                                                                                                              59
60 Determining the Amount of the State Tax Credit for the Pass-through Entity                                                                   60
61                                                                                                                                              61
62 State tax credit shall be the amount of tax paid by the pass-through entity, at the entity level, which is passed through to the owners, on  62
   a pro rata basis.  1111111111222222222233333333334444444444555555555566666666667777777777888
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34567890123456789012345678901234567890123456789012345678901234567890123456789012Form RI-PTE - Pass-through Entity Election 
4                                                                                                                                                  4
5                                     GENERAL INFORMATION AND INSTRUCTIONS                                                                         5
6                                                                                                                                                  6
   Regardless of the Accounting Method used by the pass-through entity making the pass-through entity election, the amount of tax paid 
7                                                                                                                                                  7
   by the pass-through entity is equal to the amount calculated for line 5 of Form RI-PTE.  NOTE:  the tax amount must be paid in order to 
8  receive the credit.                                                                                                                             8
9                                                                                                                                                  9
10                                                                                                                                                10
11 Determining the Amount of the State Tax Credit for the Pass-through Entity Member(s)                                                           11
12                                                                                                                                                12
13 To determine the amount of state tax credit for the pass-through entity member(s), multiply the state tax credit from line 5 of Form RI-       13
14 PTE by the precent of ownership for each pass-through entity member.  This is the amount each pass-through entity member will report 14
15 on RI Schedule W when filing Form RI-1040 or Form RI-1040NR.                                                                                   15
16                                                                                                                                                16
17                                                                                                                                                17
18 Determining the Amount of Income Required to Be Reported by the Pass-through Entity                                                            18
19                                                                                                                                                19
   Cash Basis Pass-through Entity: 
20                                                                                                                                                20
   The amount required to be reported as income by the pass-through entity member(s) is the member’s apportioned share of the total of 
21 payments made by the pass-through entity DURING the tax year of the return being filed.                                                        21
22                                                                                                                                                22
23 For example, a calendar year ending pass-through entity makes four estimated tax payments on the following dates - April 15, June 15,          23
24 September 15 and December 15.  The cash basis pass-through entity also makes an extension payment and a payment with the RI-                   24
25 PTE following the end of the calendar year.                                                                                                    25
26                                                                                                                                                26
27 The cash basis pass-through entity member(s) must report the apportioned share of the total of the four estimates paid during the cal-         27
28 endar year as an increasing modification on RI Schedule M, line 2h.                                                                            28
    
29                                                                                                                                                29
   In addition, a cash basis pass-through entity member(s) may take a decreasing modification on RI Schedule M, line 1v for the amount 
30 of pass-through entity tax claimed in the prior year which was an overpayment calculated on the RI-PTE when filed.                             30
31                                                                                                                                                31
32 If the pass-through entity is a cash basis entity as shown on the entity’s federal return and the RI-PTE for tax year 2021 had an over-        32
33 payment that was refunded, in whole or in part, to the entity, use the following to determine the decreasing modification amount.              33
34                                                                                                                                                34
35 Tax year 2022 Overpayment Carried Forward to Tax Year 2023                                                                                     35
36 If the pass-through entity applied an overpayment from tax year 2022 as a carryforward to tax year 2023 and no refund was received by 36
37 the entity then the individual member(s) of the entity would not include a decreasing modification for that pass-through entity’s overpay-     37
   ment. The entity would not account for the carryforward as income eliminating the need for the individual taxpayer to offset the addi-
38                                                                                                                                                38
   tional income with a decreasing modification.  
39                                                                                                                                                39
40 Tax Year 2022 Overpayment Refunded to the Entity                                                                                               40
41 If the pass-through entity’s tax year 2022 overpayment was refunded to the entity, the entity would be expected to include that refund as 41
42 income on its tax year 2023 corporate filingsDRAFTenabling the individual taxpayer to claim a decreasing modification in tax year 2023 IF the  42
43 individual taxpayer previously accounted for the tax year 2022 refund as part of the payments made in calendar year 2022 AND prop-             43
44 erly claimed the payments as an increasing modification in tax year 2022. If any part of the 2022 overpayment was due to payments              44
45 made within calendar year 2023, the individual taxpayer should not have accounted for those payments as part of the 2022 increasing            45
46 modification because the payments were made within 2023.                                                                                       46
    
47                                                                                                                                                47
   Tax Year 2022 Overpayment Split Between a Carryforward and a Refund 
48 If the pass-through entity’s tax year 2022 overpayment was split between a refund and carryforward, the individual taxpayer would              48
49 apply the above treatment on the allocated amount of the overpayment.                                                                          49
50                                                                                                                                                50
51                                                                                                                                                51
52 Accrual Basis Pass-through Entity:                                                                                                             52
   The amount required to be reported as income by the pass-through entity is the total of payments made by the pass-through entity 09/05/2023 FOR 
53                                                                                                                                                53
54 the tax year of the return being filed minus any overpayment on the return.                                                                    54
55                                                                                                                                                55
   For example, a calendar year ending pass-through entity makes four estimated tax payments on the following dates - April 15, June 15, 
56                                                                                                                                                56
   September 15 and December 15.  The accrual basis pass-through entity also makes an extension payment and a payment with the RI-
57 PTE following the end of the calendar year.                                                                                                    57
58                                                                                                                                                58
59 The accrual basis pass-through entity must report the total of the four estimates, the extension payment and the payment made with the 59
60 return as an increasing modification on RI Schedule M, line 2h.                                                                                60
61                                                                                                                                                61
62 If the payments made for the tax year exceeds the amount of tax on line 5, the total amount of payments must be reduced by the over-           62
   payment amount regardless of whether the overpayment is refunded or carried forward. 1111111111222222222233333333334444444444555555555566666666667777777777888
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4                                                                                                                                              4
5                                   GENERAL INFORMATION AND INSTRUCTIONS                                                                       5
6                                                                                                                                              6
7  Credit for Taxes Paid to Another State                                                                                                      7
   A similar type of tax imposed by another state on the owners' income paid at the state entity level shall be deemed to be allowed as a 
8                                                                                                                                              8
   credit for taxes paid to another jurisdiction in accordance with the provisions of § 44-30-18.  
9                                                                                                                                              9
10                                                                                                                                        10
11 Combined Reporting                                                                                                                     11
12 "Combined reporting" as set forth in § 44-11-4.1 shall not apply to reporting under this section.                                      12
13                                                                                                                                        13
14                                                                                                                                        14
15                                                                                                                                        15
16                                               SPECIFIC LINE INSTRUCTIONS                                                               16
17                                                                                                                                        17
18 Line 1 – Pass-through Entity income: Enter your Total Pass-through Entity Income apportioned to Rhode Island. By way of example, 18
19 see table below.                                                                                                                       19
20                                                                                                                                        20
21           Entity Type                                                  Form/Line Reference                                             21
22    LLC                           Apportioned Rhode Island taxable income from RI-1065, Line 6                                          22
23    LLP                           Apportioned Rhode Island taxable income from RI-1065, Line 6                                          23
24    LP                            Apportioned Rhode Island taxable income from RI-1065, Line 6                                          24
25    Partnership                   Apportioned Rhode Island taxable income from RI-1065, Line 6                                          25
26    SMLLC                         Apportioned Rhode Island taxable income from RI-1065, Line 6                                          26
27    S-Corp                        Apportioned Rhode Island taxable income from RI-1120S, Line 6                                         27
28    Trust                         Allocated Rhode Island taxable income from RI-1041, multiply line 7 by line 9                         28
29                                                                                                                                        29
30 Line 2 – Percentage of the economic benefit received by each member in the entity: Enter your Percentage of ownership attributable 30
31 to individuals.                                                                                                                        31
32                                                                                                                                        32
33 Line 3 – Pass-through Entity income generated by the individuals: Multiply line 1 by line 2.                                           33
    
34                                                                                                                                        34
   Line 4 – Individual Tax Rate: The individual tax rate is 5.99%. 
35                                                                                                                                        35
36 Line 5 – Pass-through Entity Election Tax: Multiply line 3 by line 4.                                                                  36
37 This is the amount of state tax credit that will be passed through to the member(s) of the pass-through entity.  See “Determining the 37
38 Amount of the State Tax Credit for the Pass-through Entity” and “Determining the Amount of the State Tax Credit for the Pass-through 38
39 Entity Member(s)” on page 1 for additional information.                                                                                39
40                                                                                                                                        40
41 Line 6a – Pass-through Entity Election Estimates: Enter your Pass-through Entity Election Estimates made on Form BUS-EST plus 41
42 any amount carried forward from the preceding tax year. DRAFT                                                                          42
    
43                                                                                                                                        43
   Line 6b – Other Allowable Payments:  Enter the total of your Pass-through Entity Election Extension made on Form BUS-EXT and any 
44 non-resident real estate withholding payments made by the pass-through entity.                                                         44
45                                                                                                                                        45
46 Line 6c –Total Payments: Add lines 6a and 6b.  See “Determining the Amount of Income Required to Be Reported by the Pass-through       46
47 Entity” on page 1 for additional information.                                                                                          47
48                                                                                                                                        48
49 Line 7a – Amount Due: Subtract line 6c from line 5.                                                                                    49
50                                                                                                                                        50
51 Line 7b – Underestimating Interest Due: Complete form RI-2220. Enter the amount of interest due from Form RI-2220, line 12 on this     51
   line.  This amount should be added to line 7a or subtracted from line 8, whichever applies. 
52                                                                                                                                        52
                                                 09/05/2023
53 Line 7c – Total Amount Due: Add lines 7a and 7b. This amount is payable in full with your return. Complete Form BUS-V.  Send payment 53
54 and Form BUS-V with your return.                                                                                                       54
55                                                                                                                                        55
56 Line 8 – Amount Overpaid and to be Refunded: If the amount on line 6c is greater than the amount on line 5 then SUBTRACT line 5 56
57 from line 6c and enter the amount on line 18. If there is an amount due on line 7b for underestimating interest, subtract line 7b from line 57
58 8.                                                                                                                                     58
59                                                                                                                                        59
60 Note: Due to the Rhode Island Division of Taxation’s plan to incorporate Form RI-PTE as a schedule to be filed with Forms RI-1065 and 60
   RI-1120S starting with tax years beginning on or after January 1, 2024, an overpayment can only be refunded for tax year 2023.  A 
61                                                                                                                                        61
   carry forward of an overpayment, in whole or in part, will not be allowed. 
62                                                                                                                                        62
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34567890123456789012345678901234567890123456789012345678901234567890123456789012Form RI-PTE - Pass-through Entity Election 
4                                                                                                                                                      4
5                  GENERAL INFORMATION AND INSTRUCTIONS                                                                                                5
6                                                                                                                                                      6
7                                                                                                                                                      7
                   DEFINITIONS 
8                                                                                                                                                      8
9                                                                                                                                                      9
10 (1) "Election" means the annual election to be made by the pass-through entity by filing the prescribed tax form and remitting the appropriate 10
11 tax.                                                                                                                                        11
12                                                                                                                                             12
   (2) "Net income" means the net ordinary income, net rental real estate income, other net rental income, guaranteed payments, and other 
13                                                                                                                                             13
   business income less specially allocated depreciation and deductions allowed pursuant to § 179 of the United States Revenue Code (26 
14 U.S.C. § 179), all of which would be reported on federal tax form schedules C and E. Net income for purposes of this section does not in-   14
15 clude specially allocated investment income or any other types of deductions.                                                               15
16                                                                                                                                             16
17 (3) "Owner" means an individual who is a shareholder of an S Corporation; a partner in a general partnership, a limited partnership, or a 17
18 limited-liability partnership; a member of a limited-liability company, a beneficiary of a trust; or a sole proprietor.                     18
19                                                                                                                                             19
20 (4) "Pass-through entity" means a corporation that for the applicable tax year is treated as an S Corporation under I.R.C. 1362(a)(26 20
21 U.S.C. § 1362(a)), or a general partnership, limited partnership, limited-liability partnership, trust, limited-liability company or unincorporated 21
   sole proprietorship that for the applicable tax year is not taxed as a corporation for federal tax purposes under the state's regulations.  
22                                                                                                                                             22
    
23 (5) "State tax credit" means the amount of tax paid by the pass-through entity at the entity level that is passed through to an owner on a 23
24 pro rata basis.                                                                                                                             24
25                                                                                                                                             25
26                                                                                                                                             26
27                                                                                                                                             27
28                                                                                                                                             28
                   STATUTORY AUTHORITY
29                                                                                                                                             29
30 R.I. Gen. Laws § 44-11-2.3. Pass-through entities – Election to pay state income tax at the entity level.                                   30
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42                 DRAFT                                                                                                                       42
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                   09/05/2023
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