R.I. Gen. Laws § 44-15-2 — Banking institutions — Tax imposed

(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.