R.I. Gen. Laws § 44-11-12 — Dividends and interest excluded from net income

There shall not be included in a taxpayer’s net income:
(1) Dividends received from the shares of stock of:
(i) Any banking institution liable to a tax under chapter 14 of this title; or
(ii) Any corporation liable to a tax imposed by this chapter; or
(2) Dividends received from the shares of stock of, or interest received on, the bonds,
debentures, or other evidences of indebtedness or the distributive share of the taxable
income of any public service corporation or company liable to a tax imposed by chapter
13 of this title.