AN ACT RELATING TO FINANCIAL INSTITUTIONS -- THE RHODE ISLAND SPECIAL DEPOSITS ACT

2025 Regular Session Introduced by Mike Chippendale and 1 co-sponsor

HB 5332 would reduce annual report filing fees for eligible LLCs, LLPs, and LPs filing with the Secretary of the State.

03/21/2025 Referred to Senate Commerce

Overview

HB 5332 is a bill introduced on March 14, 2025, titled: “AN ACT REDUCING FILING FEES INCURRED BY CERTAIN BUSINESS ENTITIES FOR FILING ANNUAL REPORTS WITH THE OFFICE OF THE SECRETARY OF THE STATE.” The bill targets the filing of annual reports with the Secretary of the State by certain business entities. The stated subject areas include Corporate annual reports, fees, Limited Liability Companies (LLCs), limited liability partnerships (LLPs), Limited Partnerships (LPs), and the Secretary of the State.

What the bill would do

The core aim is to reduce the filing fees that certain business entities pay when submitting their annual reports to the Secretary of the State.

The scope, as indicated by the subject line, appears to cover LLCs, LLPs, and LPs. The text provided does not include specific fee amounts, a phased schedule, or exact eligibility criteria, so the precise mechanism of the reduction (who qualifies, by how much, and when it takes effect) is not detailed here.

Key provisions (as indicated by summary information)

Reduces annual report filing fees charged by the Secretary of the State for eligible entities.

Applies to the specified entity types: LLCs, LLPs, and LPs (based on the subject line).

The exact formula, effective date, duration of the reduction, any transitional provisions, or sunset clauses are not included in the information provided.

Who would be affected

Primary: Owners, managers, and financial administrators of LLCs, LLPs, and LPs that file annual reports with the Secretary of the State.

Beneficiaries of the change could include small to mid-sized business entities that routinely file annual reports and pay these fees.

State operations and revenue could be affected depending on the magnitude of the fee reduction and the number of affected filings.

Procedural history and status

Introduced: March 14, 2025.

Legislative actions:

January 16, 2025: Referred to Joint Committee on Judiciary.
March 14, 2025: Filed.
April 7, 2025: Read first time; referred to Transportation (note: committee assignment shown as Transportation here, though the status line cites Judiciary).
May 1, 2025: Considered in a public hearing; a committee substitute was considered; testimony taken/registered; left pending in committee.

Current status: Left pending in committee as of May 1, 2025. (Note: Committee assignments in the record include Judiciary and Transportation; final disposition may reflect a committee assignment update.)

Timing and next steps

If you are tracking this bill, monitor subsequent committee votes and any fiscal notes or amendments that specify the fee reduction amount, eligible entities, and effective date.

To understand the full impact, review the bill’s text for exact fee schedules, transition provisions, and any sunset or renewal language.

Questions to clarify (if reviewing the bill text)

What specific fee amounts are reduced, and by how much?

Which entities exactly qualify beyond LLCs, LLPs, and LPs (e.g., size of entity, revenue, duration of existence)?

What is the effective date and any sunset or renewal terms?

Are there any administrative or transitional provisions (e.g., refunds or retroactive applicability)?

This summary reflects the information available from the bill’s header and listed legislative actions. For a complete understanding, the full bill text and fiscal impact statement should be consulted once released.

Bill