2013 -- H 5541

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - REGULATION OF SALES TAX

CREDITS

     Introduced By: Representatives Lima, Lombardi, and Shekarchi

     Date Introduced: February 14, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Title 42 of the General Laws entitled "STATE AFFAIRS AND

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GOVERNMENT" is hereby amended by adding thereto the following chapter:

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     CHAPTER 155

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SALE OF TAX CREDITS

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     42-155-1. Regulation of sales tax credits. – The attorney general’s office shall regulate

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the sale of tax credits. It shall adopt rules and regulations for the supervision of the sale of tax

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credits by brokers or salespersons and shall also establish qualifications for persons and entities

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certified to act as brokers or salespersons of the tax credits. The attorney general’s office shall

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maintain an official list of all persons authorized to act as brokers and salespersons of the tax

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credits. No person may hire a broker or salesperson of their choice to aid in the sale of their tax

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credits. Sellers must use brokers or salespersons, on a fair and rotating basis, from the attorney

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general’s certified list.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - REGULATION OF SALES TAX

CREDITS

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     This act would require the attorney general’s office to regulate the sale of tax credits,

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including such actions as establishing qualifications and a list of those authorized to act as

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brokers and salespersons of tax credits.

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     This act would take effect upon passage.

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LC00985

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