(a) An annual tax is imposed on every banking institution at the rate of six and ninety-five one hundredths cents ($.0695) for those banking institutions with total deposits in excess of one hundred fifty million dollars ($150,000,000) and at the rate of six and one-quarter cents ($.0625) for those banking institutions with total deposits of one hundred fifty million dollars ($150,000,000) or less on each one hundred dollars ($100) of the daily average of the deposits with the banking institution during the calendar year; provided, that there shall be excluded from taxation under the provisions of this chapter the percentage of the deposits as shall equal that percentage of the daily average of the total assets of the banking institution during the calendar year as are invested in the book value of obligations of the United States, its territories and possessions and of any authority, commission, or instrumentality of the United States exempt from state taxation under the laws of the United States.
(b) For the period January 1, 1997, through December 31, 1997, the six and ninety-five one hundredths cents rate ($.0695) shall be reduced to three and forty-eight one hundredths cents ($.0348) and the six and one-quarter cents rate ($.0625) shall be reduced to three and thirteen one hundredths cents ($.0313). For the period beginning January 1, 1998, and thereafter the tax rate shall be zero for all deposits.
History of Section.
G.L. 1896, ch. 29, §§ 3, 4; P.L. 1908, ch. 1590, §§ 79, 80; G.L. 1909, ch. 39, §§ 3, 4; P.L. 1919, ch. 1775, § 1; P.L. 1920, ch. 1905, §§ 1, 2; G.L. 1923, ch. 37, §§ 3, 4; G.L. 1938, ch. 40, §§ 1, 2; P.L. 1942, ch. 1212, art. 8, § 1; P.L. 1943, ch. 1342, § 1; G.L. 1956, §§ 44-15-2 to 44-15-4; P.L. 1958, ch. 166, § 1; P.L. 1968, ch. 263, art. 13, § 1; P.L. 1971, ch. 8, art. 4, § 1; P.L. 1984, ch. 393, § 1; P.L. 1986, ch. 410, § 1; P.L. 1987, ch. 170, § 1; P.L. 1992, ch. 133, art. 29, § 1; P.L. 1995, ch. 370, art. 34, § 3.