2024 -- H 7407 | |
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LC004584 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO TAXATION -- ORGAN DONATION LEAVE TAX CREDIT | |
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Introduced By: Representatives Donovan, Edwards, Potter, Carson, Tanzi, Speakman, | |
Date Introduced: January 31, 2024 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by |
2 | adding thereto the following chapter: |
3 | CHAPTER 72 |
4 | ORGAN DONATION LEAVE TAX CREDIT |
5 | 44-72-1. Definitions. |
6 | For purposes of this section: |
7 | (1) "Organ donation leave" means a period of employment leave received by an employee |
8 | organ donor. |
9 | (2) "Organ donor" means a person from whose body a whole or partial organ is taken to be |
10 | transferred to the body of another person. "Organ donor" shall include a person who donates bone |
11 | marrow or a whole or partial liver. |
12 | (3) "Private employer" means a sole proprietor, corporation, partnership, limited liability |
13 | company, or other entity with one or more employees. "Private employer" does not mean a |
14 | municipality, county, state agency, institution of higher education, or other public employer. |
15 | 44-72-2. Tax credit. |
16 | (a) For taxable years beginning on and after January 1, 2024, but before January 1, 2029, |
17 | a taxpayer that is a private employer shall be allowed a nonrefundable credit against the tax levied |
18 | pursuant to chapter 11 of title 44 for: |
19 | (1) An amount equal to employee compensation paid, if any, to the organ donor during the |
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1 | organ donation leave; and |
2 | (2) The cost of temporary replacement help, if any, during the organ donation leave. |
3 | (b) The amount of the credit that may be claimed in any single taxable year shall not exceed |
4 | the taxpayer's liability for taxes imposed by this chapter for that taxable year. If the amount of the |
5 | credit allowed under this section exceeds the taxpayer's tax liability for the taxable year in which |
6 | the eligible transaction occurred, the amount that exceeds the tax liability may be carried over for |
7 | credit against the income taxes of the taxpayer in the next five (5) taxable years or until the total |
8 | amount of the tax credit has been taken, whichever is sooner. |
9 | (c) For purposes of this section, the amount of any credit claimed by a partnership, limited |
10 | liability company or electing small business corporation (S corporation) shall be allocated to the |
11 | individual partners, members or shareholders in proportion to their ownership or interest in the |
12 | partnership, limited liability company or S corporation. |
13 | 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 -- ORGAN DONATION LEAVE TAX CREDIT | |
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1 | This act would provide tax credits to any private entity that gives paid time off to an |
2 | employee who is an organ donor. |
3 | This act would take effect upon passage. |
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