Bill
HB 6008
Rhode Island HB 6008: clarifies corporate tax base and rates, adjusts treatment for investment entities, expands the minimum tax, and adds a new ABLE employer tax credit.
Note: The materials supplied appear to include text from two distinct bills both labeled “HB 6008” in different states. Below are concise, separate summaries for each measure so readers can distinguish their purposes and impacts.
Status: Introduced Feb 28, 2025; referred to House Finance
Primary sponsors: Reps. Santucci, Quattrocchi, Roberts, Nardone, Fascia, Place, Chippendale, Newberry, Paplauskas
Purpose
- Amend Rhode Island’s Business Corporation Tax provisions (Chapter 44-11) and make related amendments to personal income tax code (Chapter 44-30), clarifying tax base, rates, minimums, and adding a credit.
Key provisions
- Corporate tax rate language: Section 44-11-2 is amended to address annual tax on corporations measured by “net income.” The bill text references both a 9% rate and a historical 7% rate for tax years beginning on or after Jan 1, 2015 (text appears to restate or adjust existing rate provisions; final numeric effect may depend on amendments in later drafting).
- Capital gains adjustment: Corporations primarily engaged in buying/selling/holding securities may deduct 50% of the excess of capital gains over capital losses from “net income” if at least 90% of gross receipts derive from those activities.
- Alternative/computed tax for investment entities: “Personal holding companies,” regulated investment companies, and REITs are taxed instead on a gross‑income based measure — $0.10 per $100 of gross income or $100, whichever is greater — with defined gross‑income adjustments (including a 50% capital gains offset).
- S-corporation treatment: S corporations are generally not subject to the corporate income tax except for portions of income taxed at the federal level; S corps become subject to the minimum tax provisions for certain years.
- Minimum tax floor: Sets a minimum corporate tax — not less than $450 (with a provision that for tax years beginning on or after Jan 1, 2017 the minimum shall not be less than $400 — textually inconsistent and may reflect replacement of prior amounts).
- New employer credit: Employers may claim a credit against corporate income tax for contributions to eligible employees’ ABLE accounts (per §42-7.2-20.3) up to $2,000 per employee per year.
- Conforming changes to personal income tax statute (44-30-2.6): Bill includes language concerning Rhode Island taxable income definitions, rate structure, and alternative minimum tax calculations consistent with existing statutory framework (appears largely to restate/currently effective rules).
Who is affected
- Corporations doing business or earning income in Rhode Island, including investment companies, REITs, and S corporations.
- Employers making contributions to employee ABLE accounts.
- Tax administrators and accountants implementing corporate and income tax compliance.
Procedural/timeline
- Introduced 02/28/2025 and referred to House Finance. No committee action recorded in the supplied file beyond referral.
Status: Introduced Sept 26, 2024; referred to Judiciary; scheduled for committee consideration May 6, 2025 (committee recommended hold for further study)
Purpose
- Add Sec. 152a to the Revised Judicature Act to require state-provided training for “relevant court personnel” involved in child custody proceedings to better recognize domestic violence and child abuse and to prioritize child safety in custody decisions.
Key provisions
- Training required under Supreme Court direction via the State Court Administrative Office.
- Minimum training hours: initial 20 hours; thereafter 15 hours every 5 years.
- Training topics must include child sexual abuse, physical and emotional abuse, coercive control, implicit/explicit bias, trauma, effects on children, and victim/perpetrator behaviors including litigation abuse and DARVO (deny, attack, reverse victim and offender).
- Training must be delivered by a “professional” with substantial experience assisting survivors; content must be evidence-based.
- Defines “relevant court personnel” broadly to include judges, magistrates, guardians ad litem, custody evaluators, friend-of-the-court staff, investigators, and referees.
- Provision contains an effectiveness condition: the act “does not take effect unless” another bill (Senate Bill ____ or House Bill No. 6006 of the 102nd Legislature) is enacted.
Who is affected
- Michigan state courts and personnel involved in custody matters; survivors and children in custody disputes potentially benefit from better-informed custody determinations.
Procedural/timeline
- Introduced 09/26/2024, referred to Judiciary; committee action on 05/06/2025 recommended holding for further study.
If you want, I can:
- Reconcile apparent textual inconsistencies in the Rhode Island draft (rates and minimum tax amounts), or
- Produce a one-page fact sheet focused only on the Rhode Island tax changes for distribution to stakeholders.
Compiled from official sources — confirm details with the bill’s official record.
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