R.I. Gen. Laws § 44-43-5 — Exemption

To the extent that a long-term capital gain was included in the calculations of taxes
imposed by chapters 11, 13, 14 or 30 of this title, that long-term capital gain shall
be excluded. The long-term capital gain is the long-term capital gain as defined in
26 U.S.C. § 1222(3) which is:
(1) Recognized by a partner in a certified venture capital partnership from the sale or
exchange of an interest in the partnership; or
(2) A partner’s distributive share (in a certified venture capital partnership) of any
long-term capital gain recognized by the partnership from the sale or exchange of
an interest in any entity which at the time the interest was acquired was a qualifying
business entity; or
(3) The long-term capital gain recognized by an entrepreneur from the sale or exchange
of an interest in an entity, which at the time the interest was acquired was a qualifying
business entity.