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4           State of Rhode Island Division of Taxation                                                                                                                                          4
5           2022 RI-PTE                                                                                                                                                                         5
6           Pass-through Entity Election Tax Return                                                                          22113899990101                                                     6
7                                                                                                                                                                                               7
8        Federal employer identification number    Social security number                                                            Short                           Pro-               Cash    8
9                                                                                                                                    Year                            Forma              Basis   9
10       99-9999999                                999-99-9999                                                                       Address                         Amended                    10
         For the taxable year from                                                                                                   Change                          Return             Accrual
11                                                                                                                                                                                              11
                                                   through
12                                 MM/DD07/01/2022        MM/DD/YYYY06/30/2023                                                                                                                  12
13       Name                                                                                                                                                                                   13
14       999999999999999999999999999999999999999                                                                                                                                                14
15       Address 1                                                                                                                                                                              15
16       999999999999999999999999999999999999999                                                                                                                                                16
17       Address 2                                                                                                                                                                              17
18       999999999999999999999999999999999999999                                                                                                                                                18
19       City, town or post office                                                                                 State ZIP code                                                               19
20       99999999999999999999999999999                                                                             RI        99999                                                              20
21       E-mail address                                                                                            NAICS code                                                                   21
22       99999999999999999999999999999                                                                             99999999999                                                                  22
23                                                                                                                                                                   Sole                       23
    Entity    LLC                  LLP          LP        Partnership                                        SMLLC                  S-Corp                           Proprietor         Trust
24  type:                                                                                                                                                                                       24
25                                                                                                                                                                                              25
26  1    Total Pass-through Entity Income apportioned to Rhode Island.....................................................................                        1  9999999999999 99           26
27                                                                                                                                                                                              27
28  2    Percentage of the economic benefit received by each individual member in the entity..................................                                    2  0.999999                   28
                                                                                                                                                                     _  .  _  _  _  _  _  _
29                                                                                                                                                                                              29
30  3    Pass-through Entity income generated by the individuals. Multiply line 1 by line 2........................................                               3  9999999999999 99           30
31                                                                                                                                                                                              31
32  4    Individual Tax Rate 5.99% .............................................................................................................................. 4       5.99%                 32
33                                                                                                                                                                                              33
34  5    Pass-through Entity Election Tax. Multiply line 3 by line 4..............................................................................                5  9999999999999 99           34
35  6 a Pass-through Entity Election Estimates made on Form BUS-EST                                       6a                                                                                    35
36       plus any amount carried forward from the preceding year.............                                9999999999999 99                                        ALL RI-1099Es              36
37                                                                                                                                                                   MUST BE ATTACHED           37
38  b PTE Extension made on Form BUS-EXT and NRREWH payments                                              6b 9999999999999 99                                        TO THIS RETURN             38
         (see instructions)...............................................................................
39                                                                                                                                                                                              39
40  c Total Payments. Add lines 6a and 6b..............................................................................................................           6c 9999999999999 99           40
41                                                                                                                                                                                              41
42  7 a Amount Due. Subtract line 6c from line 5.......................................................................................................DRAFT      7a 9999999999999 99           42
43  b                                                                                                                                                                                           43
44       Enter the amount of underestimating interest due from Form RI-2220. (attach form)                                                                        7b 9999999999999 99           44
         This amount should be added to line 7a or subtracted from line 8, whichever applies..................................
45                                                                                                                                                                                              45
46  cTOTAL AMOUNT DUE. Add lines 7a and 7b.Complete form BUS-V and send in with your payment  L                                                                   7c 9999999999999 99           46
           
47                                                                                                                                                                                              47
    8    AMOUNT OVERPAID. If Line 6c is LARGER than line 5, subtract line 5 from line 6c. If there is an                                                          8
48                                                                                                                                                                   9999999999999 99           48
         amount due for underestimating interest on line 7b, subtract line 7b from line 8.................................  J
49                                                                                                                                                                                              49
50  9     Amount of overpayment to be refunded........................................................................................................            9  9999999999999 99           50
51                                                                                                                                                                                              51
52  10   Amount of overpayment to be applied to 2023 estimated tax........                                10 9999999999999 99                                                                   52
                                                   11/21/2022
53                                                                                                                                                                                              53
54  Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and                                       54
55  belief, it is true, accurate and complete.  Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.                                  55
    Authorized officer signature                   Print name                                                                   Date                                 Telephone number
56                                                                                                                                                                                              56
57                                                                                                                                                                                              57
    Paid preparer signature                  XXXXXXXXXXXXXXXXXXXXXPrint name                                                    Date10/13/2023                     (401)Telephone999-9999number
58                                                                                                                                                                                              58
59  Paid preparer address                    XXXXXXXXXXXXXXXXXXXXXCity, town or post office                  State           10/13/2023ZIP Code                    (401)            PTIN999-999959
60                                                                                                                                                                                              60
61                                           XXXXXXXXXXXXXXX                                                 RI    99999                                           P99999999                    61
62                                     May the Division of Taxation contact your preparer?   YES                                                                                                62
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                                                                                                                                                                                        11/2022

      1111111111222222222233333333334444444444555555555566666666667777777777888Form RI-PTE - Pass-through Entity Election
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4                                                                                                                                               4
5                                  GENERAL INFORMATION AND INSTRUCTIONS                                                                         5
6                                                                                                                                               6
7  For tax years beginning on or after January 1, 2019, a pass-through entity may elect to pay the state tax at the entity level at the rate of 7
   five and ninety-nine hundredths percent (5.99%).  
8                                                                                                                                               8
    
9  If a pass-through entity elects to pay an entity tax under this subsection, the entity shall not have to comply with the provisions of § 44- 9
10 11-2.2 regarding withholding on non-resident owners.                                                                                         10
11                                                                                                                                              11
12 Using Form RI-1099E, the pass-through entity shall report the following information:                                                         12
13  • The pass-through entity’s identifying information - federal employer identification number, name and address;                             13
14  • The pass-through entity’s type;                                                                                                           14
15  • The accounting method used by the pass-through entity (this box must;be checked)                                                          15
16    •               If hybrid, check the box for the method of accounting that is being used for the application of the payments              16
17  • If the pass-through entity has a year end date other than 12/31, enter the fiscal year dates;                                             17
    • The pass-through entity member’s identifying information - social security number, name and address; 
18                                                                                                                                              18
    • The pass-through entity member’s percent of ownership; 
19  • The pass-through entity member’s pro rata share of the state income taxes paid by the entity.  This is the amount that will be            19
20    allowed as a state tax credit for the pass-through entity member on his or her personal income tax return using RI Schedule               20
21    W; and                                                                                                                                    21
22  • The pass-through entity member’s pro rata share of the state income tax payments made by the entity as an income (addition) 22
23    modification to be reported by the pass-through entity member on his or her personal income tax return using RI Schedule M.               23
24    The entity will report the modification based upon the basis of accounting. (See Determining the Amount of income Required                24
25    to Be Reported by the Pass-Through Entity below)                                                                                          25
26                                                                                                                                              26
27 Filing Form RI-PTE                                                                                                                           27
   Form(s) RI-1099E must be attached to Form RI-PTE, as well as to the personal income tax return(s) filed by the pass-through entity 
28                                                                                                                                              28
   member(s).  Credit will not be allowed for the pass-through entity election until all documentation has been received and until Form RI-
29 PTE has been filed.                                                                                                                          29
30                                                                                                                                              30
31 Mail your completed form and attachments to: RI Division of Taxation                                                                         31
32                                               One Capitol Hill                                                                               32
33                                               Providence, RI 02908                                                                           33
34                                                                                                                                              34
35                                                                                                                                              35
36 Determining the Amount of the State Tax Credit for the Pass-through Entity                                                                   36
37                                                                                                                                              37
38 State tax credit shall be the amount of tax paid by the pass-through entity, at the entity level, which is passed through to the owners, on  38
   a pro rata basis.  
39                                                                                                                                              39
    
40 Regardless of the Accounting Method used by the pass-through entity making the pass-through entity election, the amount of tax paid          40
41 by the pass-through entity is equal to the amount calculated for line 5 of Form RI-PTE.  NOTE:  the tax amount must be paid in order to      41
42 receive the credit.                         DRAFT                                                                                            42
43                                                                                                                                              43
44                                                                                                                                              44
45 Determining the Amount of the State Tax Credit for the Pass-through Entity Member(s)                                                         45
46                                                                                                                                              46
47 To determine the amount of state tax credit for the pass-through entity member(s), multiply the state tax credit from line 5 of Form RI-     47
48 PTE by the precent of ownership for each pass-through entity member.  This is the amount each pass-through entity member will report 48
49 on RI Schedule W when filing Form RI-1040 or Form RI-1040NR.                                                                                 49
    
50                                                                                                                                              50
    
51 Determining the Amount of Income Required to Be Reported by the Pass-through Entity                                                          51
52                                                                                                                                              52
                                                11/21/2022
53 Cash Basis Pass-through Entity:                                                                                                              53
54 The amount required to be reported as income by the pass-through entity member(s) is the member’s apportioned share of the total of          54
55 payments made by the pass-through entity DURING the tax year of the return being filed.                                                      55
56                                                                                                                                              56
57 For example, a calendar year ending pass-through entity makes four estimated tax payments on the following dates - April 15, June 15,        57
58 September 15 and December 15.  The cash basis pass-through entity also makes an extension payment and a payment with the RI-                 58
59 PTE following the end of the calendar year.                                                                                                  59
60                                                                                                                                              60
   The cash basis pass-through entity member(s) must report the apportioned share of the total of the four estimates paid during the cal-
61                                                                                                                                              61
   endar year as an increasing modification on RI Schedule M, line 2h. 
62                                                                                                                                              62
   In addition, a cash basis pass-through entity member(s) may take a decreasing modification on RI Schedule M, line 1v for the amount 1111111111222222222233333333334444444444555555555566666666667777777777888
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    1111111111222222222233333333334444444444555555555566666666667777777777888
34567890123456789012345678901234567890123456789012345678901234567890123456789012Form RI-PTE - Pass-through Entity Election
4                                                                                                                                             4
5                      GENERAL INFORMATION AND INSTRUCTIONS (continued)                                                                       5
6                                                                                                                                             6
   of pass-through entity tax claimed in the prior year which was an overpayment calculated on the RI-PTE when filed.   
7                                                                                                                                             7
    
8  If the pass-through entity is a cash basis entity as shown on the entity’s federal return and the RI-PTE for tax year 2021 had an over-    8
9  payment that was refunded, in whole or in part, to the entity, use the following to determine the decreasing modification amount.          9
10                                                                                                                                            10
11 Tax year 2021 Overpayment Carried Forward to Tax Year 2022                                                                                 11
12 If the pass-through entity applied an overpayment from tax year 2021 as a carryforward to tax year 2022 and no refund was received by 12
13 the entity then the individual member(s) of the entity would not include a decreasing modification for that pass-through entity’s overpay- 13
14 ment. The entity would not account for the carryforward as income eliminating the need for the individual taxpayer to offset the addi-     14
15 tional income with a decreasing modification.                                                                                              15
    
16                                                                                                                                            16
   Tax Year 2021 Overpayment Refunded to the Entity 
17 If the pass-through entity’s tax year 2021 overpayment was refunded to the entity, the entity would be expected to include that refund as 17
18 income on its tax year 2022 corporate filings enabling the individual taxpayer to claim a decreasing modification in tax year 2022 IF the  18
19 individual taxpayer previously accounted for the tax year 2021 refund as part of the payments made in calendar year 2021 AND prop-         19
20 erly claimed the payments as an increasing modification in tax year 2021. If any part of the 2021 overpayment was due to payments          20
21 made within calendar year 2022, the individual taxpayer should not have accounted for those payments as part of the 2021 increasing        21
22 modification because the payments were made within 2022.                                                                                   22
23                                                                                                                                            23
24 Tax Year 2021 Overpayment Split Between a Carryforward and a Refund                                                                        24
   If the pass-through entity’s tax year 2021 overpayment was split between a refund and carryforward, the individual taxpayer would 
25                                                                                                                                            25
   apply the above treatment on the allocated amount of the overpayment.  
26                                                                                                                                            26
27                                                                                                                                            27
28 Accrual Basis Pass-through Entity:                                                                                                         28
29 The amount required to be reported as income by the pass-through entity is the total of payments made by the pass-through entity FOR 29
30 the tax year of the return being filed minus any overpayment on the return.                                                                30
31                                                                                                                                            31
32 For example, a calendar year ending pass-through entity makes four estimated tax payments on the following dates - April 15, June 15,      32
33 September 15 and December 15.  The accrual basis pass-through entity also makes an extension payment and a payment with the RI-            33
   PTE following the end of the calendar year. 
34                                                                                                                                            34
    
35 The accrual basis pass-through entity must report the total of the four estimates, the extension payment and the payment made with the 35
36 return as an increasing modification on RI Schedule M, line 2h.                                                                            36
37                                                                                                                                            37
38 If the payments made for the tax year exceeds the amount of tax on line 5, the total amount of payments must be reduced by the over-       38
39 payment amount regardless of whether the overpayment is refunded or carried forward.                                                       39
40                                                                                                                                            40
41                                                                                                                                            41
42 Credit for Taxes Paid to Another State DRAFT                                                                                               42
43 A similar type of tax imposed by another state on the owners' income paid at the state entity level shall be deemed to be allowed as a     43
   credit for taxes paid to another jurisdiction in accordance with the provisions of § 44-30-18.  
44                                                                                                                                            44
    
45                                                                                                                                            45
46 Combined Reporting                                                                                                                         46
47 "Combined reporting" as set forth in § 44-11-4.1 shall not apply to reporting under this section.                                          47
48                                                                                                                                            48
49                                                                                                                                            49
50                                                                                                                                            50
51                                             SPECIFIC LINE INSTRUCTIONS                                                                     51
52 Line 1 – Pass-through Entity income: Enter your Total Pass-through Entity Income apportioned to Rhode Island. By way of example, 52
   see table below.                               11/21/2022
53                                                                                                                                            53
54                                                                                                                                            54
55         Entity Type                                             Form/Line Reference                                                        55
56  LLC                               Apportioned Rhode Island taxable income from RI-1065, Line 6                                            56
57  LLP                               Apportioned Rhode Island taxable income from RI-1065, Line 6                                            57
58  LP                                Apportioned Rhode Island taxable income from RI-1065, Line 6                                            58
59  Partnership                       Apportioned Rhode Island taxable income from RI-1065, Line 6                                            59
60  SMLLC                             Apportioned Rhode Island taxable income from RI-1065, Line 6                                            60
61  S-Corp                            Apportioned Rhode Island taxable income from RI-1120S, Line 6                                           61
62  Trust                             Allocated Rhode Island taxable income from RI-1041, multiply line 7 by line 9                           62
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34567890123456789012345678901234567890123456789012345678901234567890123456789012Form RI-PTE - Pass-through Entity Election
4                                                                                                                                                      4
5                                   SPECIFIC LINE INSTRUCTIONS (continued)                                                                             5
6                                                                                                                                                      6
   Line 2 – Percentage of the economic benefit received by each member in the entity: Enter your Percentage of ownership attributable 
7  to individuals.                                                                                                                                     7
8                                                                                                                                                      8
9  Line 3 – Pass-through Entity income generated by the individuals: Multiply line 1 by line 2.                                                        9
10                                                                                                                                             10
11 Line 4 – Individual Tax Rate: The individual tax rate is 5.99%.                                                                             11
12                                                                                                                                             12
13 Line 5 – Pass-through Entity Election Tax: Multiply line 3 by line 4.                                                                       13
14 This is the amount of state tax credit that will be passed through to the member(s) of the pass-through entity.  See “Determining the 14
15 Amount of the State Tax Credit for the Pass-through Entity” and “Determining the Amount of the State Tax Credit for the Pass-through 15
   Entity Member(s)” on page 1 for additional information. 
16                                                                                                                                             16
17 Line 6a – Pass-through Entity Election Estimates: Enter your Pass-through Entity Election Estimates made on Form BUS-EST plus 17
18 any amount carried forward from the preceding tax year.                                                                                     18
19                                                                                                                                             19
20 Line 6b – Other Allowable Payments:  Enter the total of your Pass-through Entity Election Extension made on Form BUS-EXT and any 20
21 non-resident real estate withholding payments made by the pass-through entity.                                                              21
22                                                                                                                                             22
23 Line 6c –Total Payments: Add lines 6a and 6b.  See “Determining the Amount of Income Required to Be Reported by the Pass-through            23
24 Entity” on page 1 for additional information.                                                                                               24
    
25 Line 7a – Amount Due: Subtract line 6c from line 5.                                                                                         25
26                                                                                                                                             26
27 Line 7b – Underestimating Interest Due: Complete form RI-2220. Enter the amount of interest due from Form RI-2220, line 12 on this          27
28 line.  This amount should be added to line 7a or subtracted from line 8, whichever applies.                                                 28
29                                                                                                                                             29
30 Line 7c – Total Amount Due: Add lines 7a and 7b. This amount is payable in full with your return. Complete Form BUS-V.  Send payment 30
31 and Form BUS-V with your return.                                                                                                            31
32                                                                                                                                             32
33 Line 8 – Amount Overpaid: If the amount on line 6c is greater than the amount on line 5 then SUBTRACT line 5 from line 6c and enter 33
   the amount on line 18. If there is an amount due on line 7b for underestimating interest, subtract line 7b from line 8. 
34                                                                                                                                             34
35 Line 9 – Refund: Enter the amount of overpayment from line 8 to be refunded.                                                                35
36                                                                                                                                             36
37 Line 10 – Overpayment to be applied to 2023: Enter the amount of overpayment from line 8 which is to be applied to your 2023 estimated      37
38 tax.                                                                                                                                        38
39                                                                                                                                             39
40                                                                                                                                             40
41                                                                                                                                             41
                                                           DEFINITIONS
42                                               DRAFT                                                                                         42
43 (1) "Election" means the annual election to be made by the pass-through entity by filing the prescribed tax form and remitting the appropriate 43
44 tax.                                                                                                                                        44
45                                                                                                                                             45
46 (2) "Net income" means the net ordinary income, net rental real estate income, other net rental income, guaranteed payments, and other 46
47 business income less specially allocated depreciation and deductions allowed pursuant to § 179 of the United States Revenue Code (26 47
48 U.S.C. § 179), all of which would be reported on federal tax form schedules C and E. Net income for purposes of this section does not in-   48
49 clude specially allocated investment income or any other types of deductions.                                                               49
    
50                                                                                                                                             50
   (3) "Owner" means an individual who is a shareholder of an S Corporation; a partner in a general partnership, a limited partnership, or a 
51 limited-liability partnership; a member of a limited-liability company, a beneficiary of a trust; or a sole proprietor.                     51
52                                                                                                                                             52
                                                 11/21/2022
53 (4) "Pass-through entity" means a corporation that for the applicable tax year is treated as an S Corporation under I.R.C. 1362(a)(26 53
54 U.S.C. § 1362(a)), or a general partnership, limited partnership, limited-liability partnership, trust, limited-liability company or unincorporated 54
55 sole proprietorship that for the applicable tax year is not taxed as a corporation for federal tax purposes under the state's regulations.  55
56                                                                                                                                             56
57 (5) "State tax credit" means the amount of tax paid by the pass-through entity at the entity level that is passed through to an owner on a 57
58 pro rata basis.                                                                                                                             58
59                                                                                                                                             59
60                                               STATUTORY AUTHORITY                                                                           60
    
61 § 44-11-2.3. Pass-through entities – Election to pay state income tax at the entity level.                                                  61
62                                                                                                                                             62
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