Rhode Island § 44-61-1 - Relating to Depreciation of Assets and Net Operating Loss Deduction
Full text of Rhode Island Rhode Island General Laws § 44-61-1 — Relating to Depreciation of Assets and Net Operating Loss Deduction, with citation guidance and answers to common questions.
§ 44-61-1. Relating to Depreciation of Assets and Net Operating Loss Deduction
R.I. Gen. Laws § 44-61-1
§ 44-61-1. Depreciation of assets.
(a) For purposes of depreciation of assets under chapters 11, 14 and 30 of this title, the bonus depreciation provided by the Job Creation and Worker Assistance Act of 2002, (P.L. 107-147) (see 26 U.S.C. § 168), the Jobs and Growth Tax Relief Reconciliation Act of 2003 or any subsequent federal enactment for federal tax purposes shall not be allowed for Rhode Island tax purposes. In the year that those assets are placed in service and in all subsequent years, depreciation for Rhode Island tax purposes shall be allowed on those assets as it would have been computed prior to the enactment of the Job Creation and Worker Assistance Act of 2002.
(b) The gain resulting from any subsequent disposition of these assets shall be computed using a basis consistent with the Rhode Island depreciation allowed under subsection (a) of this section.
History of Section.
P.L. 2002, ch. 65, art. 16, § 3; P.L. 2003, ch. 376, art. 7, § 3; P.L. 2008, ch. 14,
§ 1.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 44-61-1
What does Rhode Island General Laws § 44-61-1 cover?
Section 44-61-1 ("Relating to Depreciation of Assets and Net Operating Loss Deduction") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 44-61-1?
A common citation format is "Rhode Island General Laws § 44-61-1" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 44-61-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.