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<DIV><FONT size=4 face=Calibri>Hi, Everyone.</FONT></DIV>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=4 face=Calibri>The Rhode Island Division of Taxation this afternoon posted two proposed regulations:</FONT></P>
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<DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=4 face=Calibri>One involves single-member limited liability companies (LLCs) that are treated as disregarded entities for federal tax purposes. Under the proposed regulation (</FONT><A href="http://sos.ri.gov/documents/archives/regdocs/holding/DOTAX/Limited_Liability_Companies_2.pdf"><FONT color=#0000ff size=4 face=Calibri>CT 13-14</FONT></A><FONT size=4 face=Calibri>), the entities generally would be required to obtain a federal Employer Identification Number (EIN) in order to file their <?xml:namespace prefix = "st1" ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on"><st1:State w:st="on">Rhode Island</st1:State></st1:place> return.</FONT></DIV></LI>
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<DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=4 face=Calibri>The other proposed regulation – </FONT><A href="http://sos.ri.gov/documents/archives/regdocs/holding/DOTAX/Residential_Lead_Abatement_Tax_Credit_1_1.pdf"><FONT color=#0000ff size=4 face=Calibri>CT 13-08</FONT></A><FONT size=4 face=Calibri> –involves the residential lead abatement income tax credit. The regulation would be updated to reflect current state law.</FONT></DIV></LI></UL>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT size=4 face=Calibri>Both proposed regulations are on the Rhode Island Secretary of State’s website: </FONT><A href="http://www.sos.ri.gov/ProposedRules/"><FONT color=#0000ff size=4 face=Calibri>http://www.sos.ri.gov/ProposedRules/</FONT></A><FONT size=4 face=Calibri>.</FONT></P>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><FONT face=Calibri><FONT size=4>A public hearing on them is to be held on May 22, 2013, at 9:30 a.m. at the Division of Taxation, One Capitol Hill, <st1:place w:st="on"><st1:City w:st="on">Providence</st1:City>, <st1:State w:st="on">R.I.</st1:State></st1:place></FONT></FONT></P>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p><FONT size=4 face=Calibri>- Neil</FONT></o:p></P>
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<P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p><FONT size=4 face=Calibri>Neil Downing<BR>Chief Revenue Agent<BR>Rhode Island Division of Taxation<BR>One Capitol Hill<BR>Providence, R.I. 02908<BR> <BR><A href="mailto:Neil.Downing@tax.ri.gov">Neil.Downing@tax.ri.gov</A><BR> <BR>(401) 574-8115<BR></FONT></o:p></P></DIV></BODY></HTML>