It is enacted by the General Assembly as follows:

SECTION 1. Section 42-64.3-6 of the General Laws in Chapter 42-64.3 entitled "Enterprise Zones" is hereby amended to read as follows:

{ADD 42-64.3-6. Business tax credits. -- ADD} A qualified business in an enterprise zone shall be allowed a credit against the tax imposed pursuant to chapters 11, {ADD 13 [except the taxation of tangible personal property under 44-13-13], ADD} 14, 17 and 30 of title 44 as hereinafter provided:

(a) During the first five (5) years of zone designation a credit equal to fifty percent (50%) of the total amount of wages as are paid to those enterprise job employees comprising the five percent (5%) new jobs referenced in section 42-64.3-3(d) the wages subject to the credit shall be reduced by any direct state or federal wage assistance in the taxable year. The maximum credit allowed per taxable year under the provisions of this subsection shall be ten thousand dollars, ($10,000) per employee. A taxpayer who takes this business tax credit shall not be eligible for the resident business owner modification pursuant to section 42-64.3-7.

(b) Any tax credit as hereinbefore provided in subdivision (a), shall not offset any tax liability in taxable years other than the year in which the taxpayer qualifies for the credit. The credit shall not reduce the tax below the minimum tax. The credit shall be used to offset tax liability pursuant to the provisions of either chapters 11, 14, 17 or 30 of title 44, but not more than one chapter.

(c) In the case of a corporation, the credit allowed under this section shall only be allowed against the tax of that corporation included in a consolidated return that qualifies for the credit and not against the tax of other corporations that may join in the filing of a consolidated tax return.

(d) In the case of multiple business owners, the credit hereinbefore provided in subdivision (a) shall be apportioned according to the ownership interests of the qualified business.

SECTION 2. This act shall take effect upon passage and effective with the 1995 certification year.