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.)