§ 44-12-1 Tax imposed – Corporations liable – Credit for tax on income – Reduced rate where no business done. – (a) Every corporation, joint-stock company, or association incorporated in this state or qualified to do business in this state, whether or not doing business for profit, all referred to in this section under the term "corporation", except those enumerated in § 44-12-11, shall pay an annual franchise tax to the state upon its authorized capital stock of two dollars fifty cents ($2.50) for each ten thousand dollars ($10,000) or fractional part, or the sum of five hundred dollars ($500), whichever is greater.
(b) In the case of corporations liable to a tax under chapter 11 of this title, only the amount by which the franchise tax exceeds the tax payable under that chapter shall be assessed.
(c) If a corporation shall show by supplemental affidavit
attached to the prescribed return and signed in the manner provided for each
return that it has not, at any time during its preceding taxable year, been
engaged within the state in any business activities, it shall only pay an
annual franchise tax upon its authorized capital stock at the following rates:
five hundred dollars ($500) where the stock does not exceed one million dollars
($1,000,000); and the further sum of twelve dollars fifty cents ($12.50) for
each additional one million dollars ($1,000,000) or fractional part of the
stock.
(P.L. 1912, ch. 769, § 49; P.L. 1916, ch. 1362, § 1; P.L. 1919, ch.
1736, § 1; P.L. 1921, ch. 2022, § 1; G.L. 1923, ch. 38, § 31;
G.L. 1938, ch. 39, § 1; P.L. 1940, ch. 872, § 1; P.L. 1945, ch. 1567,
art. 2, § 1; P.L. 1947, ch. 1887, art. 1, § 3; P.L. 1950, ch. 2633,
§ 1; G.L. 1956, § 44-12-1; P.L. 1969, ch. 197, art. 4, § 1; P.L.
1977, ch. 133, § 4; P.L. 1992, ch. 15, art. 4, § 2; P.L. 2004, ch.
595, art. 17, § 7.)