Introduced By: Representatives Watson, Fleury and Martineau
Date Introduced : June 22, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Section 42-64.5-5 of the General Laws in Chapter 42-64.5 entitled "Jobs Development Act" is hereby amended to read as follows:
42-64.5-5. Election. -- An eligible company may
elect to determine its "base employment" for the purposes
of this chapter on either July 1, 1995, July 1, 1996, July 1,
1997 {DEL or DEL} July 1, 1998 {ADD , July 1, 1999, July 1,
2000, or July 1, 2001 ADD} rather than on July 1, 1994. As a result
of the 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 a manner that 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.
SECTION 2. This act shall take effect upon passage.
