§ 44-30-19 - Credit to trust beneficiary receiving accumulation distribution. - Rhode Island Statutes

SECTION 44-30-19

   § 44-30-19  Credit to trust beneficiaryreceiving accumulation distribution. – (a) General. A resident beneficiary of a trust whose Rhode Island incomeincludes all or part of an accumulation distribution by the trust, as definedin 26 U.S.C. § 665, shall be allowed a credit against the tax otherwisedue under this chapter for all or a proportionate part of any tax paid by thetrust under this chapter for any preceding taxable year which would not havebeen payable if the trust had in fact made distributions to its beneficiariesat the times and in the amounts specified in 26 U.S.C. § 666.

   (b) Limitation. The credit under this section shallnot reduce the tax otherwise due from the beneficiary under this chapter to anamount less than would have been due if the accumulation distribution or his orher part thereof were excluded from his or her Rhode Island income.