2013 -- H 5250

=======

LC00783

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

____________

A N A C T

RELATING TO TAXATION - SALES TAX

     Introduced By: Representatives Malik, McNamara, Azzinaro, Corvese, and Newberry

     Date Introduced: February 05, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. This act shall be known and may be cited as the "Property Tax Relief Act."

1-2

     SECTION 2. Chapter 44-19 of the General Laws entitled "Sales and Use Taxes -

1-3

Enforcement and Collection" is hereby amended by adding thereto the following section:

1-4

     44-19-40.1. Budget surplus apportion act. -- Notwithstanding any other provisions of

1-5

law to the contrary, each year that there is a state minimum budget surplus of twenty million

1-6

dollars ($20,000,000) for any fiscal year, then each city and town shall receive an additional one

1-7

percent (1%) of the sales taxes collected by businesses located within that municipality. For each

1-8

consecutive year that there is a minimum twenty million dollars ($20,000,000) surplus, the return

1-9

of a portion of the sales tax collected in each city and town, shall increase one percent (1%) per

1-10

year, up to a maximum of seven percent (7%).

1-11

     SECTION 3. This act shall take effect upon passage.

=======

LC00783

=======

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION - SALES TAX

***

2-1

     This act would require the state, whenever there is a budget surplus in excess of twenty

2-2

million dollars ($20,000,000), to return to the cities and towns a portion of the sales taxes

2-3

collected in that municipality.

2-4

     This act would take effect upon passage.

=======

LC00783

=======