Chapter 04-606

2004 -- H 7696 SUBSTITUTE A

Enacted 08/11/04

A N A C T

RELATING TO TAXATION - BUSINESS CORPORATION TAX

Introduced By: Representatives Fox, Naughton, Moura, and Lima

Date Introduced: February 11, 2004

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 certification evidencing compliance with the “ISO 9000” or “ISO

14000” standards as the same are developed, published and amended from time to time by from

the International Standard Organization shall be entitled to a tax credit equal to the cost incurred

to obtain, the quality standard certificate. renew, modify or maintain such certification. 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 on July 1, 2005.

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LC00305/SUB A/2

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