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2012 -- H 7676 | |
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LC01628 | |
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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 Ruggiero, Serpa, Morgan, Walsh, and Gallison | |
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Date Introduced: February 16, 2012 | |
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Referred To: House Small Business | |
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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 43.2 |
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SMALL BUSINESS TAX CREDIT |
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44-43.2-1. Application. -- For the purposes of this chapter, a "small business" means any |
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corporation, partnership, sole proprietorship, or other business entity qualifying as "small" under |
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the standards contained in title 13, code of federal regulations, section 121. |
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44-43.2-2. Credit against tax imposed. -- Every small business formed under the laws |
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of the state of Rhode Island and operating within the state of Rhode Island shall be entitled to |
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claim as a credit against the tax imposed by chapters 11-17 and 30 of this title any amount paid to |
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the U.S. small business administration (SBA) as a guaranty fee pursuant to the obtaining of SBA |
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guaranteed financing. This credit will be available to the small business up to sixty (60) months |
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after the payment of the guaranty fee; provided, however, where a minimum tax is provided |
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under this title, the credit shall not reduce the tax below the minimum tax and shall be claimable |
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only by the small business which is the primary obligor in the financing transaction and which |
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actually paid the guaranty fee. |
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SECTION 2. This act shall take effect upon passage and is applicable to tax years |
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beginning on or after January 1, 2012. |
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LC01628 | |
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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 allow small businesses to claim a tax credit for amounts paid to the U.S. |
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small business administration as a guaranty fee when offering SBA guarantee financing. |
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This act would take effect upon passage and would be applicable to tax years beginning |
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on or after January 1, 2012. |
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LC01628 | |
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