It is enacted by the General Assembly as follows:

SECTION 1. Chapter 42-64.5 of the General Laws entitled "Rhode Island Jobs Development Act" is hereby amended by adding thereto the following section:

{ADD 42-64.5-6. Election. -- An eligible company may elect to determine its "base employment" for purposes of this chapter on either July 1, 1995, or July 1, 1996, rather than on July 1, 1994. As a result of such election, rules comparable to those set forth elsewhere in this chapter shall be applied to determine the rate reduction available for each of the three (3) taxable years following the first anniversary of the date the eligible company elected to use to determine its "base employment" and for the taxable years following that three (3) year period. This election (a) shall be made in such manner as may be determined by the tax administrator, and (b) shall not be available to an eligible company that previously claimed a rate reduction under this chapter. ADD}

SECTION 2. This act shall take effect upon passage.