Rhode Island H7397: AN ACT RELATING TO TAXATION -- BUSINESS CORPORATION TAX (Repeals the corporation minimum tax.)

What the bill says

From the introduced text, January 28, 2026:

2026 -- H 7397 ======== LC003897 ======== STATEOFRHODEISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ ANACT RELATING TO TAXATION -- BUSINESS CORPORATION TAX Introduced By: Representatives Casey, Solomon, Costantino, Lima, Serpa, Phillips, Shallcross Smith, McEntee, Chippendale, and J. Brien Date Introduced: January 28, 2026 Referred To: House Finance It is enacted by the General Assembly as follows: SECTION 1. Section 44-11-2 of the General Laws in Chapter 44-11 entitled "Business Corporation Tax" is hereby amended to read as follows: 44-11-2. Imposition of tax. (a) Each corporation shall annually pay to the state a tax equal to nine percent (9%) of net income, as defined in § 44-11-11, qualified in § 44-11-12, and apportioned to this state as provided in §§ 44-11-13 -- 44-11-15, for the taxable year. For tax years beginning on or after January 1, 2015, each corporation shall annually pay to the state a tax equal to seven percent (7.0%) of net income, as defined in § 44-11-13 -- 44-11-15, for the taxable year. (b) A corporation shall pay the amount of any tax as computed in accordance with subsection (a) after deducting from "net income," as used in this section, fifty percent (50%) of the excess of capital gains over capital losses realized during the taxable year, if for the taxable year: (1) The corporation is …

Read the full official text

Sponsors

• Stephen Casey (D, HD-050) · primary sponsor
• Joseph Solomon (D)
• Gregory Costantino (D)
• Charlene Lima (D, HD-014)
• Patricia Serpa (D, HD-027)
• Robert Phillips (D)
• Ann Shallcross Smith, Mary (D, HD-046)
• Hagan McEntee, Carol (D, HD-033)
• Michael Chippendale (R, HD-040)
• Jon Brien (I)

Latest actions

1. May 7, 2026: Committee recommended measure be held for further study
2. May 1, 2026: Scheduled for hearing and/or consideration
3. January 28, 2026: Introduced, referred to House Finance

Common questions

What is H7397?

H7397 is a bill in the Rhode Island Legislature (2026 Regular Session): AN ACT RELATING TO TAXATION -- BUSINESS CORPORATION TAX (Repeals the corporation minimum tax.).

What is the status of H7397?

Failed as of May 7, 2026. Latest action: Committee recommended measure be held for further study (May 7, 2026).

Who sponsored H7397?

Stephen Casey (D, HD-050), with 9 co-sponsors.

Where is the official record for H7397?

On the Rhode Island Legislature website: http://webserver.rilegislature.gov/BillText/BillText26/HouseText26/H7397.pdf