2014 -- S 2334

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LC004109

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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

     

     Introduced By: Senator Daniel DaPonte

     Date Introduced: February 12, 2014

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by

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adding thereto the following chapter:

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CHAPTER 69

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REGULATION OF SALE OF TAX CREDITS

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     44-69-1. Regulation of sale of tax credits. – (a) Notwithstanding any provision of the

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general or public laws, prior to the sale or brokering of any tax credit issued by, or on behalf of

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the state, the seller and broker of the tax credit shall furnish to the tax administrator a certified

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statement, developed by the tax administrator and containing information that the tax

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administrator may require, including, without limitation, all persons, brokers, entities and

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professionals receiving compensation in connection with the sale or brokerage of the tax credit. In

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connection with the foregoing, the tax administrator may examine any documentation bearing

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upon the matters required to be included in the certification, and may require the attendance of

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the person executing the certified statement and examine the person under oath respecting any

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matter which the tax administrator deems pertinent or material in determining the accuracy of the

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certified statement.

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(b) All of the information provided in subsection (a) shall be publicly disclosed in a form

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determined by the tax administer on an annual basis.

 

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     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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     This act would regulate and impose certain disclosure requirements upon the sale or

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brokering of tax credits issued by or on behalf of the state.

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     This act would take effect upon passage.

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LC004109

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