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Rhode Island State Tax Information |
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- Income Tax:
- Personal Income Tax: 25.0% of federal taxable income. No income bracket schedule.
- Retirement Income Tax: Social Security is taxed to the extent of the federal tax. Railroad Retirement benefits are exempt.
- Sales Tax:
- General: 7%; this tax applies to retail sales, personal property purchased out-of-state, leasing or renting of tangible personal property, business and industry utility bills, and the first 30 days of renting living quarters (hotel, camp houses, and rooming houses). Notable exemptions are: food, clothing, boats, airplanes, water, gas/electric/fuel bills for residential use, professional/occupational services.
- Pharmaceutical Tax: prescription drugs and non-prescription drugs exempt
- Use Tax: 7%
- Rental Vehicle Surcharge: 6%
- Automotive:
- Gasoline Tax: $.30 per gallon
- Diesel Fuel Tax: $.31 per gallon
- Environmental Protection Fee: $.01 per gallon
- Tobacco Tax:
- Cigarettes: $2.46 per pack of 20 cigarettes
- Other Tobacco: 40% wholesale price
- Marijuana and Other Control Substances Tax: $400.00 on each 10 dosage units
- Alcohol Tax:
- Liquor: $3.75 per gallon, sales tax applied
- Wine: $.60 per gallon; sparkling wine: $.70 per gallon
- Beer: $.10 per gallon, subject to sales tax; $.04 per case wholesale tax
- Beverage Container Tax: $.04 per case
- Property Tax: No state property tax, but a portion of the city and town property taxes are used for state purposes. Property tax on motor vehicles will be gone in 2006. Some tax relief is given to persons 65 and older.
- Inheritance and Estate Tax:
- Inheritance Tax: None
- Estate Tax: Based on the value of the real and personal property
- Gift Tax: None
- Capital Gains Tax: 8.33% for those assets held longer than 5 years; after 2008 this will change to 0%
- Temporary Disability Tax: 1.4% of the first $49,000 in wages
- Business Corporation Tax: 9% of net income; minimum $250
- Corporation Franchise Tax: $2.50 for each $10,000 in authorized stock; minimum $250
- Job Development Assessment: .21% tax assessed to each employer
- Hard To Dispose Materials Taxes:
- Lubricating Oils: $.05 per quart, $.053 per liter
- Antifreeze: $.10 per gallon, $.0264 per liter
- Organic Solvents: $.0025 per gallon, $.00066 per liter
- Tire: $.50 per tire
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Last Updated ( Monday, 19 June 2006 )
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