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2013 -- S 0745 | |
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LC02072 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO TAXATION - TAX EXPENDITURE STATEMENT OF PURPOSE | |
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Introduced By: Senators Metts, Pichardo, Ruggerio, Gallo, and Paiva Weed | |
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Date Introduced: March 13, 2013 | |
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Referred To: Senate Finance | |
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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 48.2 |
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TAX EXPENDITURE STATEMENT OF PURPOSE |
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44-48.2-1. Tax expenditure statement of purpose. – (a) Notwithstanding any |
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provisions of the general, public or special laws to the contrary, any general law enacted after |
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July 1, 2013, that would create a tax expenditure, or modify an existing tax expenditure, shall also |
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contain a statement of intent that clearly provides the purpose and objectives of the tax |
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expenditure, including measurable goals in cases where the objectives of the tax expenditure lend |
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themselves to measurement. |
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(b) As used in this section "tax expenditure" means any federal law or state law that |
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exempts, in whole or in part, certain persons, businesses, income, goods, services, or property |
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from the impact of established taxes in this state, including, but not limited to, tax exclusions, tax |
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subtractions, tax exemptions, tax deductions, preferential tax rates, tax credits, and tax deferrals |
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or exclusions or exemption's of services from the sales tax. |
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SECTION 2. This act shall take effect upon passage. |
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LC02072 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION - TAX EXPENDITURE STATEMENT OF PURPOSE | |
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This act would require that any new state law which contains a tax expenditure shall have |
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a statement of purpose detailing the purpose and objectives of the tax expenditures. |
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This act would take effect upon passage. |
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LC02072 | |
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