2013 -- H 5740

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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 INCENTIVES FOR EMPLOYERS

     Introduced By: Representatives Valencia, Dickinson, Tanzi, Cimini, and Walsh

     Date Introduced: February 28, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 44-55 of the General Laws entitled "Tax Incentives for Employers"

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is hereby amended by adding thereto the following section:

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     44-55-8. Adding back the domestic production activities deduction. -- All

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corporations doing business in the state of Rhode Island shall add back into their taxable income

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any amount deducted under the federal "domestic production deduction" also known as section

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199 of the federal Internal Revenue Code. State tax forms shall be changed if needed in order to

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comply with this section.

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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 INCENTIVES FOR EMPLOYERS

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     This act would require all Rhode Island corporations to add back any amount to their

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taxable income they would deduct under the federal domestic production activities deduction.

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State forms would be changed in order to comply with this section.

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     This act would take effect upon passage.

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