Title 44
Taxation

Chapter 15
Tax on Bank Deposits Generally

R.I. Gen. Laws § 44-15-1.1

§ 44-15-1.1. “Credit Unions” and “deposits” defined.

Whenever used in this chapter:

(1) “Credit union” means and includes a credit union with its principal place of business or a branch of the credit union in this state.

(2) “Deposits” means and includes:

(i) Shares of stock, either fully or partly paid, plus deposits or time deposits of any kind which bear interest or which are entitled to dividends. There shall be an amount excluded from taxation under the provisions of this chapter equal to the percentage of those deposits as shall equal that percentage of the daily average of the total assets of the credit union during the calendar year invested in book value of obligations of the United States, its territories and possessions and of any authority, commission, or instrumentality of the United States exempt from state taxation under the laws of the United States.

(ii) “Deposits” and “time deposits” as used in paragraph (i) of this subdivision also means and includes deposits or savings made under any type of deposits or savings plan represented by certificates of deposits, savings bonds, or income certificates issued by any institution, or however these or similar time deposits or savings plan may be designated. “Deposits” or “time deposits” as used above shall not include any deposits of a branch or office of any credit union located outside of this state, whether it is established de novo or acquired pursuant to an interstate merger, consolidation, or acquisition; provided, that the deposits are made at a branch or office outside of this state, or any international credit union facility of any credit union, as defined in regulations of the national credit union administration or which are payable only at an office located outside of the United States.

History of Section.
P.L. 1986, ch. 410, § 2; P.L. 1987, ch. 170, § 1; P.L. 1988, ch. 269, § 1; P.L 1992, ch. 133, art. 29, § 1; P.L. 1995, ch. 370, art. 34, § 3.