2014 -- H 7740 | |
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LC004541 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
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A N A C T | |
RELATING TO TAXATION | |
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Introduced By: Representatives Carnevale, Costantino, DeSimone, Morgan, and | |
Date Introduced: February 27, 2014 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-55-8 of the General Laws in Chapter 44-55 entitled "Tax |
2 | Incentives for Employers" is hereby repealed. |
3 | 44-55-8. Adding back the domestic production activities deduction. -- All |
4 | corporations doing business in the state of Rhode Island shall add back into their taxable income |
5 | any amount deducted under the federal "domestic production deduction" also known as section |
6 | 199 of the federal Internal Revenue Code. State tax forms shall be changed if needed in order to |
7 | comply with this section. |
8 | SECTION 2. 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 | |
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1 | This act would require corporations doing business in Rhode Island to add back into their |
2 | taxable income any amount of money formally deducted under section 199 of the Federal Internal |
3 | Revenue Code call the "domestic production deduction". |
4 | This act would take effect upon passage. |
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