2013 -- H 5547

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LC00986

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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 TAXATION - 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 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 55.1

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REGULATION OF SALE OF TAX CREDITS

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     44-55.1-1 Regulation of sale of tax credits. – Notwithstanding any general law to the

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contrary, prior to the sale or brokering of any tax credit issued by, or on behalf of the state, the

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seller and broker of the tax credit shall furnish to the tax administrator a certified statement,

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developed by the tax administrator and containing information that the tax administrator may

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require, including without limitation: (1) All persons, brokers, entities and professionals receiving

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compensation in connection with the sale or brokerage of the tax credit; (2) The purchaser of the

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tax credit; and (3) The purchase price of the tax credit. In connection with the foregoing, the tax

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administrator may examine any documentation bearing upon the matters required to be included

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in the certification, and may require the attendance of the person executing the certified statement

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and examine the person under oath respecting any matter which the tax administrator deems

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pertinent or material in determining the accuracy of the certified statement.

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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 TAXATION - TAX CREDITS

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     This act would authorize the tax administrator to regulate the sale of tax credits.

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     This act would take effect upon passage.

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LC00986

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