Withholding Tax on the Sale of Real Property by Nonresidents (280-RICR-20-10-1)


280-RICR-20-10-1 INACTIVE RULE

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Title 280 Department of Revenue
Chapter 20 Division of Taxation
Subchapter 10 Withholding Tax
Part 1 Withholding Tax on the Sale of Real Property by Nonresidents (280-RICR-20-10-1)
Type of Filing Adoption
Regulation Status Inactive View Active Rule
Effective 11/30/2017 to 11/30/2017

Regulation Authority :

R.I. Gen. Laws §§ 44-1-4 and 44-30-95

Purpose and Reason :

The purpose of this rule making is to adopt a regulation to implement R.I. Gen. Laws § 44-30-71.3 which provides for withholding of income tax on the sale of real property by nonresidents. This regulation consolidates in a single comprehensive regulation the content of several other “Withholding on Sale of Real Property by Nonresidents” which are being repealed. This regulation is in the new Rhode Island Code of Regulations format and the only substantive changes in these rules is to change the corporate withholding rate form nine percent to (9%) to seven percent (7%) as provided in R.I. Gen. Laws § 44-2-2 and requires remittance of withholding tax within three (3) Banking days after the closing as provided in R.I. Gen. Laws § 44-30-71.3(d). Public comment received suggested the example in § 1.9(B)(3)(a)(1) would be easier to read if it was formatted as a line by line format rather than in paragraph format. This change has been made.

There are no electronic rulemaking documents for rules filed prior to August 14, 2018. For rulemaking documents for rules filed prior to this date, please contact the appropriate agency's Rules Coordinator.