Rhode Island General Laws 44-30-37. Credit to trust beneficiary receiving accumulation distribution
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A nonresident beneficiary of a trust whose Rhode Island income includes all or part of an accumulation distribution by the trust, as defined in 26 U.S.C. § 665, shall be allowed a credit against the tax otherwise due under this chapter, computed in the same manner and subject to the same limitation as provided by § 44-30-19 with respect to a resident beneficiary.
History of Section.
P.L. 1971, ch. 8, art. 1, § 1; P.L. 1971, ch. 204, art. 3, § 1.
Terms Used In Rhode Island General Laws 44-30-37
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC