§ 44-13-35 - Gross earnings exempt from the public service corporation tax. - Rhode Island Statutes

SECTION 44-13-35

   § 44-13-35  Gross earnings exempt from thepublic service corporation tax. – Notwithstanding the provisions of §§ 44-13-1 and 44-13-4, the grossearnings from the sale and from the storage, use or other consumption in thisstate of electricity and natural gas when purchased for the purpose of beingmanufactured into a finished product for resale, as further defined by §44-18-30(7), are subject to the following public service corporation tax rates:

   (1) In the case of every corporation whose principal businessis manufacturing, selling, distributing and/or transmitting currents ofelectricity to be used for light, heat, or motive power, three percent (3%) ofthose gross earnings effective July 1, 1994; provided, that the rate shall betwo percent (2%) effective July 1, 1995, one percent (1%) July 1, 1996, andzero percent (0%) effective July 1, 1997.

   (2) In the case of every corporation whose principal businessis manufacturing, selling and/or distributing to the public illuminating orheating gas, two percent (2%) of those gross earnings effective July 1, 1994;provided, that the rate shall be one percent (1%) effective July 1, 1995, andzero percent (0%) effective July 1, 1996.