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2023 RI-1120C - Rhode Island Business Corporation Tax Return
SPECIFIC INSTRUCTIONS
INFORMATION SECTION: business in Rhode Island, and including in the denominator the total sales
Enter the requested entity information on the top of the form, including name, (receipts) of all members of the combined group, which total sales (receipts)
address, federal identification number, type of return being filed, and if the are associated with the combined group’s business wherever located.
entity is not a calendar year filer, enter the beginning and end dates of the
entity’s fiscal year. (2) The combined return uses the income, losses, and factors of all members
included on the combined return to more accurately determine the taxable
Enter the following information in the corresponding boxes: income of those entities that have corporate income tax nexus with Rhode
A. The gross receipts from U.S. Form 1120. Island.
B. The depreciable assets from U.S. Form 1120, page 6, Schedule L, line
10a, Column (c). See the most recent version of the Rhode Island Combined Reporting
C. Enter the total assets from U.S. Form 1120, page 6, Schedule L, line 15, Regulation for more information.
Column (d).
All amounts should be listed in whole dollar amounts.
RETURN DUE DATES:
For calendar year and non-June 30 fiscal year end filers, Form RI-1120C is SCHEDULE A - COMPUTATION OF TAX
due on or before the fifteenth day of the fourth month following the close of
the taxable year. TAXABLE INCOME
For June 30 fiscal year end filers, Form RI-1120C is due on or before the fif- Line 1 -
teenth day of the third month following the close of the taxable year. Enter the taxable income as it appears on line 28, Federal Form 1120.
NOTE: CAPTIVE REAL ESTATE INVESTMENT TRUST (CAPTIVE REIT):
If filing a final return, a separate request for a letter of good standing for the A Captive REIT shall file form RI-1120C and calculate tax at the corpora-
purpose of dissolution or withdrawal should also be filed. Attach the final tion tax rate, adding back the “total deduction for dividends paid” to their
return to the request form and follow the instructions for section V or VI. The federal taxable income under R.I. Gen. Laws § 44-11-11. Non-Captive
final return and request form must be completed through the date of with- REIT’s shall check the box for 1120F and use Schedule RI-1120F to calcu-
drawal. When filing for dissolution or withdrawal, an extension is not valid. late the tax.
Within thirty (30) days of date of letter of good standing, it must be recorded
Line 2 - Total Deductions
with the Secretary of State. Enter Total Deductions from page 3, Schedule B, line 1g.
Line 3 - Total Additions
COMBINED REPORTING: Enter Total Additions from page 3, Schedule C, line 1e.
For tax years beginning on or after January 1, 2015, a business which is
treated as a C corporation for federal income tax purposes, and which is part
of a combined group engaged in a single or common business enterprise – APPORTIONED TAXABLE INCOME
a “unitary” business – must file a combined return with Rhode Island. Under
mandatory unitary combined reporting, R.I. Gen. Laws § 44-11-4.1, an entity Line 4 - Adjusted Taxable Income
treated as a C corporation for federal income tax purposes must report on its Subtract the total deductions amount on line 1 from the Federal Taxable
Rhode Island return not only its own income, but also the combined income Income amount on line 2. Add to that the total additions amount on line 3.
of the other corporations, or affiliates, that are part of a combined group
under common ownership and part of a unitary business. Line 5 - Rhode Island Apportionment Ratio
Complete Schedule H on page 5. Enter the amount from Schedule H, line 2.
An affiliated group of C corporations, as defined in IRC § 1504, may also
elect to be treated as a combined group with respect to the combined report- Line 6 - Apportioned Rhode Island Taxable Income
ing requirement imposed by Rhode Island General Laws. When such an Multiply your adjusted taxable income amount from line 4 times the Rhode
election is made, the entities that appear on the federal consolidated return Island Apportionment Ratio from line 5.
shall be considered a combined group for Rhode Island corporate income
tax purposes. Line 7 - Research and development adjustments
Refer to R.I. Gen. Laws § 44-32-1 for more details.
The combined group shall file by checking the box for Combined Return on
the 2023 RI-1120C form, and including a RI-1120C - CGM Schedule listing Line 8a - Pollution control and hazardous waste adjustment.
the name, federal employer identification number, and address for each Every taxpayer, at his election, shall be entitled to a deduction with respect
member of the combined group. If a federal consolidated group has made to the amortization of the adjusted basis of any treatment facility, as defined
the election to be treated as a combined group with respect to the Rhode in R.I. Gen. Laws § 44-11-11.1(A) or any hazardous waste recycling, refuse,
Island combined reporting requirement, they may do so by checking of the or treatment facilities as defined in R.I. Gen. Laws § 44-11-11.2 based on a
box for Federal Consolidated Election on the RI-1120C - CGM Schedule. period of sixty (60) months. A recapture of a previously taken deduction may
be necessary under the law. This should be done by listing the recaptured
The combined group shall be required to attach a computational schedule or amount as a negative number.
schedules which report the income and apportionment information of all enti-
ties of the taxpayer member’s combined group, as well as any supporting Line 8b - Capital Investment Deduction
information required to substantiate the amounts in the computational sched- Rhode Island General Laws provide for a deduction for purposes of comput-
ule or schedules. ing net income in accordance with R.I. Gen. Laws § 44-11, for investments
in certified venture capital partnerships. Taxpayers claiming this deduction
Taxable income of a combined group apportionable to this state: for investments in certified venture capital partnerships must provide copies
(1) The taxable income apportionable to Rhode Island of each combined of certification from the Department of Economic Development of the
group shall be the product of: (i) the adjusted taxable income of the com- Venture Capital Partnership. A recapture of a previously taken deduction
bined group, determined under the most recent version of the Combined may be necessary under the law. This should be done by listing the recap-
Reporting Regulation, and (ii) the apportionment percentage, including in the tured amount as a negative number. To calculate the amount of the deduc-
numerator the total sales (receipts) associated with the combined group’s