2014 -- H 7348

========

LC004147

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

____________

A N   A C T

RELATING TO TAXATION - SALES TAX - PROPERTY TAX RELIEF ACT

     Introduced By: Representative Jan Malik

     Date Introduced: February 06, 2014

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. This act shall be known and may be cited as the "Property Tax Relief Act."

     SECTION 2. Chapter 44-19 of the General Laws entitled "Sales and Use Taxes -

Enforcement and Collection" is hereby amended by adding thereto the following section:

     44-19-40.1. Budget surplus apportion act. -- Notwithstanding any provision of law to

the contrary, each fiscal year that there is a minimum state budget surplus of twenty million

dollars ($20,000,000), each city and town shall receive an additional one percent (1%) of the sales

taxes collected by businesses located within that municipality. For each consecutive year that

there is a minimum twenty million dollars ($20,000,000) surplus, the return of a portion of the

sales tax collected in each city and town, shall increase one percent (1%) per year, up to a

maximum of seven percent (7%).

     SECTION 3. This act shall take effect upon passage.

========

LC004147

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION - SALES TAX - PROPERTY TAX RELIEF ACT

***

     This act would require the state, whenever there is a yearly budget surplus in excess of

twenty million dollars ($20,000,000), to return to the cities and towns one percent (1%) of the

sales tax collected in that municipality.

     This act would take effect upon passage.

========

LC004147

========

LC004147 - Page 2 of 2