Chapter
150
2003
-- S 0741
AN ACT
RELATING TO STATE AFFAIRS AND
GOVERNMENT -- JOBS DEVELOPMENT ACT
Introduced By: Senators Irons, Bates,
Sosnowski, Lenihan, and Celona
Date
Introduced: February 26, 2003
It is enacted by the General
Assembly as follows:
SECTION
1. Section 42-64.5-5 of the General Laws in Chapter 42-64.5 entitled "Jobs
Development Act" is hereby
amended to read as follows:
42-64.5-5.
Election. -- An eligible company may elect to determine its "base
employment" for the purposes
of this chapter on either July 1 of any year subsequent to 1994,
1995, July 1, 1996, July 1, 1997
July 1, 1998, July 1, 1999, July 1, 2000, or July 1, 2001 rather
than on July 1, 1994; provided,
however, that an eligible company that is a telecommunication
company may shall
determine its base employment on either July 1, 2001 or July 1, 2002.;
and
provided, further, that an
eligible company may not use July 1, 2003 or any subsequent date to
determine its base employment
unless a determination has been made by the board of directors of
the Rhode Island economic
development corporation that: (a) but for the incentives available
under this act the company is
not likely to retain, expand, or add employment in this state; and (b)
that the company has provided
reasonable evidence supporting a finding that the jobs retained,
expanded, or added will generate
new tax revenue for the state that is at least equivalent to the
value of this incentive.
As a
result of the election, rules comparable to those set forth elsewhere in this
chapter
shall be applied to determine the
rate reduction available for each of the three (3) taxable years
following the first anniversary of
the date the eligible company elected to use to determine its
"base employment" and for
the taxable years following that three (3) year period. This election
(a) shall be made in a manner that
may be determined by the tax administrator, and (b) shall not
be available to an eligible company
that previously claimed a rate reduction under this chapter.
SECTION 2. This act shall take effect upon
passage.
=======
LC02515
=======