|
2013 -- S 0535 | |
|
======= | |
|
LC01291 | |
|
======= | |
|
STATE OF RHODE ISLAND | |
|
| |
|
IN GENERAL ASSEMBLY | |
|
| |
|
JANUARY SESSION, A.D. 2013 | |
|
| |
|
____________ | |
|
| |
|
A N A C T | |
|
RELATING TO TAXATION - TECHNOLOGY COMPANY BUSINESS TAX CERTIFICATE | |
|
TRANSFER ACT | |
|
|
|
|
|
|
|
Introduced By: Senators Sheehan, DiPalma, Miller, Jabour, and Picard | |
|
Date Introduced: February 28, 2013 | |
|
Referred To: Senate Finance | |
|
It is enacted by the General Assembly as follows: | |
|
1-1 |
SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by |
|
1-2 |
adding thereto the following chapter: |
|
1-3 |
CHAPTER 68 |
|
1-4 |
TECHNOLOGY COMPANY BUSINESS TAX CERTIFICATE TRANSFER ACT |
|
1-5 |
44-68-1. Definitions. – For purposes of this chapter: |
|
1-6 |
(1) "Technology company" means a business organization which has, for any fiscal year, |
|
1-7 |
unused net operating loss carryover tax credits and/or unused research and development tax |
|
1-8 |
credits which are provided for pursuant to federal law and/or title 44. |
|
1-9 |
(2) "Usable tax credit" means any tax credit certified by the department of revenue as |
|
1-10 |
originating and being sold by a company that has invested an amount equal to the sale price of the |
|
1-11 |
credits in Rhode Island in depreciable Rhode Island based assets owned and used by the company |
|
1-12 |
within twelve (12) months of the sale date. |
|
1-13 |
44-68-2. Sale of tax credits permitted. – (a) Any technology company as defined herein |
|
1-14 |
shall be permitted to sell its unused net operating loss tax credits or research and development tax |
|
1-15 |
credits as provided by federal or state law. |
|
1-16 |
(b) Any company eligible to purchase the tax credits provided in subsection (a) herein |
|
1-17 |
may, subject to department of revenue certification, use the tax credits to calculate its tax liability. |
|
2-18 |
SECTION 2. This act shall take effect upon passage. |
|
| |
|
======= | |
|
LC01291 | |
|
======= | |
|
EXPLANATION | |
|
BY THE LEGISLATIVE COUNCIL | |
|
OF | |
|
A N A C T | |
|
RELATING TO TAXATION - TECHNOLOGY COMPANY BUSINESS TAX CERTIFICATE | |
|
TRANSFER ACT | |
|
*** | |
|
3-1 |
This act would allow technology companies to sell certain net operating loss or research |
|
3-2 |
and development tax credits to qualifying companies who may use them in calculating their tax |
|
3-3 |
liability. |
|
3-4 |
This act would take effect upon passage. |
|
| |
|
======= | |
|
LC01291 | |
|
======= |