R.I. Gen. Laws § 44-61-1.1 — Expensing in lieu of depreciation of assets

(a) For purposes of expensing of assets under chapters 11, 14, and 30 of this title, the
expense deduction shall not exceed the sum provided for under the internal revenue
code, 26 U.S.C. § 179. In the year that those assets are placed in service, expensing of assets for Rhode
Island tax purposes shall be allowed in the same manner as is provided for under the
internal revenue code 26 U.S.C. § 179. Any remaining tax basis of the asset purchased shall be depreciated as provided
for under the internal revenue service code sections 26 U.S.C. §§ 167 and 168, excluding § 168(k).
(b) The gain resulting from any subsequent disposition of these assets shall be computed
using a basis consistent with the Rhode Island expenses and depreciation allowed under
subsection (a) of this section.
(c) There is hereby established a depreciation of assets transfer fund for the purpose
of reserving sufficient funding for the expensing of assets in accordance with subsection
(a). The general assembly may appropriate such amounts to the fund deemed necessary
for said purpose.