§ 44-61-1 - Depreciation of assets. - Rhode Island Statutes

SECTION 44-61-1

   § 44-61-1  Depreciation of assets. –(a) For purposes of depreciation of assets under chapters 11, 14 and 30 of thistitle, the bonus depreciation provided by the Job Creation and WorkerAssistance Act of 2002, (P.L. 107-147) (see 26 U.S.C. § 168), the Jobs andGrowth Tax Relief Reconciliation Act of 2003 or any subsequent federalenactment for federal tax purposes shall not be allowed for Rhode Island taxpurposes. In the year that those assets are placed in service and in allsubsequent years, depreciation for Rhode Island tax purposes shall be allowedon those assets as it would have been computed prior to the enactment of theJob Creation and Worker Assistance Act of 2002.

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