TITLE 44
Taxation
CHAPTER 44-13
Public Service Corporation Tax
SECTION 44-13-2.2
§ 44-13-2.2 Gross earnings of certain
corporations and public service companies.
(a) A corporation or public service company whose principal business in this
state is not an activity enumerated in § 44-13-4 but engages in that
activity in this state, shall be subject to tax pursuant to this chapter as
measured by the gross earnings derived from the activity in this state and
computed at the rates set forth in § 44-13-4. The corporation or public
service company shall also be subject to the tax imposed pursuant to chapter 11
or 30 of this title; provided, that the gross earnings subject to tax pursuant
to this section and direct and indirect costs associated with these shall be
excluded from the calculation of net income subject to tax pursuant to chapter
11 or 30 of this title.
(b) These corporations or public service companies shall
maintain records that substantiate proper calculation of net income subject to
tax pursuant to chapter 11 or 30 of this title and shall also maintain records
of gross earnings subject to tax pursuant to this section and records of
associated costs.
History of Section.
(P.L. 1997, ch. 357, § 7.)