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2012 -- H 7196 | |
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LC00624 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO TAXATION | |
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Introduced By: Representatives Lima, Bennett, and Morrison | |
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Date Introduced: January 19, 2012 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by |
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adding thereto the following chapter: |
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CHAPTER 68 |
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TAX CREDIT BENEFIT VERIFICATION |
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44-68-1. Benefit of tax credits to the state of Rhode Island to be verified. – Any |
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business applying for a tax credit pursuant to title 42 or title 44 shall comply with the provisions |
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of this chapter relating to tax credit benefits to the state of Rhode Island deriving from the |
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issuance of tax credits to businesses. Any business applying for a tax credit shall provide the |
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division of taxation with: |
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(1) A waiver of confidentiality providing the division of taxation access to any and all |
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business or financial records necessary to verify the benefit to the state of Rhode Island from the |
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issuance of the tax credit to the business. |
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(2) A signed affidavit indicating that the business shall turn over all financial records |
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which are relevant to determine what the benefit to the state of Rhode Island is as a result of the |
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issuance of the tax credit to the business. |
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44-68-2. Benefit of tax credits to the state of Rhode Island to be verified—Existing |
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recipients requirements. – (a) Any business currently receiving a tax credit pursuant to title 42 |
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or title 44 of the general laws shall comply with the provisions of section 44-68-1 by providing |
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the division of taxation with a waiver of confidentiality and an affidavit indicating that the |
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business will provide all relevant business records necessary to verify benefits to the state of |
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Rhode Island resulting from the issuance of the tax credit to the business. |
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(b) Any business which fails to comply with the provisions of this chapter shall return to |
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the state of Rhode Island an amount equal to the tax credit already given. |
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44-68-3. Rules and regulations. – The tax administrator is authorized and empowered to |
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promulgate rules and regulations necessary for the proper administration and enforcement of this |
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chapter. |
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SECTION 2. This act shall take effect upon passage. |
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LC00624 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION | |
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This act would require business tax credit recipients to provide the state with financial |
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business records to document any benefit to the state from the issuance of the tax credit. |
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This act would take effect upon passage. |
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LC00624 | |
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