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

     

     Introduced By: Senators Ujifusa, DiPalma, Acosta, Ciccone, Mack, Kallman, Valverde,
Murray, Bell, and Quezada

     Date Introduced: March 01, 2024

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-48.3-12 of the General Laws in Chapter 44-48.3 entitled "Rhode

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Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows:

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     44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under

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the jobs development act.

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     (a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 shall be discontinued

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effective July 1, 2015, except as provided in subsection (b) of this section; provided, however, that

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all rate reductions provided pursuant to chapter 64.5 of title 42 will discontinue no later than July

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1, 2024.

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     (b) Any company that has qualified for a rate reduction pursuant to chapter 64.5 of title 42

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prior to July 1, 2015, shall be entitled to maintain the rate reduction in effect as of June 30, 2015,

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and no additional rate reduction shall be permitted. All obligations of the company required under

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chapter 64.5 of title 42 to retain a rate reduction shall remain in full force and effect.

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     SECTION 2. Chapter 42-64.5 of the General Laws entitled "Jobs Development Act" is

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hereby amended by adding thereto the following section:

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     42-64.5-9. Sunset.

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     No credits shall be authorized to be reserved pursuant to this chapter after June 30, 2024.

 

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     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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     This act would sunset/discontinue the Jobs Development Act rate reduction as of July 1,

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2024.

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     This act would take effect upon passage.

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