§ 44-66-1 - Recognition of income from discharge of business indebtedness. - Rhode Island Statutes

SECTION 44-66-1

   § 44-66-1  Recognition of income fromdischarge of business indebtedness. – For purposes of Rhode Island taxable income under Chapters 11, 14 and 30 ofthis title, the recognition of income from the discharge of businessindebtedness deferred under the American Recovery and Reinvestment Act of 2009for federal tax purposes, must be reported as a modification increasing federalincome for Rhode Island tax purposes in the year it occurred. When claimed asincome on a future federal tax return it may be reported as a modificationdecreasing federal income for Rhode Island tax purposes to the extent it hadbeen added back.