2024 -- S 2548 | |
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LC005017 | |
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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 -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT | |
2015 | |
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Introduced By: Senators Ujifusa, DiPalma, Acosta, Ciccone, Mack, Kallman, Valverde, | |
Date Introduced: March 01, 2024 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-48.3-12 of the General Laws in Chapter 44-48.3 entitled "Rhode |
2 | Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows: |
3 | 44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under |
4 | the jobs development act. |
5 | (a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 shall be discontinued |
6 | effective July 1, 2015, except as provided in subsection (b) of this section; provided, however, that |
7 | all rate reductions provided pursuant to chapter 64.5 of title 42 will discontinue no later than July |
8 | 1, 2024. |
9 | (b) Any company that has qualified for a rate reduction pursuant to chapter 64.5 of title 42 |
10 | prior to July 1, 2015, shall be entitled to maintain the rate reduction in effect as of June 30, 2015, |
11 | and no additional rate reduction shall be permitted. All obligations of the company required under |
12 | chapter 64.5 of title 42 to retain a rate reduction shall remain in full force and effect. |
13 | SECTION 2. Chapter 42-64.5 of the General Laws entitled "Jobs Development Act" is |
14 | hereby amended by adding thereto the following section: |
15 | 42-64.5-9. Sunset. |
16 | No credits shall be authorized to be reserved pursuant to this chapter after June 30, 2024. |
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1 | SECTION 3. 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 -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT | |
2015 | |
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1 | This act would sunset/discontinue the Jobs Development Act rate reduction as of July 1, |
2 | 2024. |
3 | This act would take effect upon passage. |
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