House finance panel approves Citizens Bank-backed tax reform

THE HOUSE COMMITTEE ON FINANCE on Tuesday approved legislation which would let banks elect to use the single-factor method apportionment for calculating corporate income tax, beginning on Jan. 1, 2025. Pictured from left are Citizens Bank Vice-President Jack Reed; Mike Knipper, Citizens executive vice president and head of property and procurement, and Laurie White, president of the Greater Providence Chamber of Commerce. /PBN PHOTO/ CHRIS ALLEN

PROVIDENCE – The House Committee on Finance on Tuesday unanimously approved legislation requested by Citizens Bank to change how banks are taxed to allow them to exclude property and payroll, clearing the way for expected General Assembly passage this week. Rhode Island currently uses a three-factor apportionment for financial institutions, a method that determines tax

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