Relating To Depreciation of Assets and Net Operating Loss Deduction

SECTION 44-61-1

§ 44-61-1. Depreciation of assets.

(a) For purposes of depreciation of assets under chapters 11, 14 and 30 of this title, the bonus depreciation provided by the Job Creation and Worker Assistance Act of 2002, (P.L. 107-147) (see 26 U.S.C. § 168), the Jobs and Growth Tax Relief Reconciliation Act of 2003 or any subsequent federal enactment for federal tax purposes shall not be allowed for Rhode Island tax purposes. In the year that those assets are placed in service and in all subsequent years, depreciation for Rhode Island tax purposes shall be allowed on those assets as it would have been computed prior to the enactment of the Job Creation and Worker Assistance Act of 2002.

(b) The gain resulting from any subsequent disposition of these assets shall be computed using a basis consistent with the Rhode Island depreciation allowed under subsection (a) of this section.

History of Section.
(P.L. 2002, ch. 65, art. 16, § 3; P.L. 2003, ch. 376, art. 7, § 3; P.L. 2008, ch. 14, § 1.)