It is enacted by the General Assembly as follows:

SECTION 1. Section 44-11-42 of the General Laws in Chapter 44-11 entitled "Business Corporation Tax" is hereby amended to read as follows:

44-11-42. Tax credit for quality certification. -- (a) Any taxpayer which receives a quality standard certificate from the International Standard Organization shall be entitled to a tax credit equal to the cost incurred to obtain the quality standard certificate. The credit under this section may be taken as an offset against the Rhode Island Business Corporation Tax or the Rhode Island Personal Income Tax in the case of subchapter "S" corporations, but in no event shall reduce either tax to below the minimum due or result in a refund.

(b) The tax administrator is authorized and empowered to make rules and regulations as the administrator shall deem necessary to carry out the purpose of this section.

SECTION 2. This act shall take effect upon passage.