§ 44-3-44 - Qualifying stock options – Exemption. - Rhode Island Statutes

SECTION 44-3-44

   § 44-3-44  Qualifying stock options –Exemption. – For purposes of determining the federal income tax liability of a taxpayersubject to Rhode Island income tax, the Rhode Island income of the taxpayerunder §§ 44-30-12 and 44-30-16 is determined by excluding any income,gain, or preference items resulting from the sale, transfer, or exercise ofqualified and nonqualified stock options, the stock issued or transferred onthe exercise of any such option, and warrants issued with respect to suchoptions and/or stock, of a qualifying corporation provided that the taxpayerwas a qualifying taxpayer and the taxpayer's employer who issued the option wasa qualifying corporation at the time the taxpayer acquired a vested interest insuch option and exercised such option.