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Below is a snapshot of key features of Rhode Island's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $6.9 billion
- General Revenue as a Share of Income: 16.1%
- Tax Revenue: $4.9 billion
- Tax Revenue as Share of income: 11.4%
- Personal Income Tax (Share of Tax Revenue): 22.4% (33 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 3% (35 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 28.6% (38 out of 51)
- Property Tax (Share of Tax Revenue): 42.3% (2 out of 51)
- Other Taxes (Share of Tax Revenue): .7% (46 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 3.75% - 5.99%
- Standard Deduction: $7,500 ($15,000 for Married Couples)
- Personal Exemption: $3,500
- Dependent Exemption: None
- Earned Income Tax Credit (EITC): 15% Refundable / 25% Nonrefundable
- Standard deduction and personal exemption phases out for high income levels
Corporate Income Tax Features (2011)
- Range of Tax Rates: 9.00%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 25%
- Apportionment Factor (Property): 25%
- Apportionment Factor (Sales): 50%
- Apportionment Note: Manufacturers may use specified formula; all other use equally weighted formula
Sales Tax Features (2011)
- State Sales Tax Rate: 7.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 7.00%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 29 out of 168 surveyed
- Streamlined Sales Tax Membership: Full
- "Amazon law" in effect
Property Tax Features (2011)
- Provides a local option circuit breaker.
- Levies a car tax with a large exemption.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.33
- Diesel Tax Rate (per gallon): $0.33
- Cigarette Tax Rate (per pack): $3.46
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $1,441
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
Sources & Glossary
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