Rhode Island General Laws Title 44. Taxation § 44-39.3-3. Qualifying corporation

(a) A qualifying corporation is any corporation that:

(b) For purposes of this section, “ full-time equivalent active employee” means any employee who works a minimum of thirty (30) hours per week in this state, or two (2) or more part-time employees whose combined weekly hours equal or exceed thirty (30) hours per week in this state.

(c) The annual election by a corporation to be treated as a qualifying corporation for a fiscal year shall become effective for purposes of this section as of the first day of the fiscal year for which the election is filed and must be filed with the tax administrator on or before the due date prescribed by law (including any extensions) for the filing of the corporation's tax return with the tax administrator for that fiscal year; provided, that in no event shall an election be effective for fiscal years commencing prior to January 1, 1997, and in no event shall the exclusion available under the provisions of this chapter to be available to options that were issued prior to January 1, 1997.