State Tax Laws - Rhode Island

Tax rates have been lowered recently in Rhode Island, with the new top rate being 5.75%, and the lowest rate is 3.75%. Sales taxes come in at 7%. Rhode Island charges an estate tax, the current exemption is $921,655 for 2014.

The corporate tax rate has also just been cut- to 7% down from 9%, this takes effect starting in the tax year January 1, 2015. The franchise tax has also recently been repealed. With all these changes, Rhode Island is in the process of making itself a much more business friendly state. However, S-corps are still caught in the middle of the law changes with a $500 minimum tax. For more information you may see: http://www.tax.state.ri.us/


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