2015 -- H 5729 | |
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LC001189 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2015 | |
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A N A C T | |
RELATING TO TAXATION | |
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Introduced By: Representatives Lima, Costantino, and Handy | |
Date Introduced: February 26, 2015 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by |
2 | adding thereto the following chapter: |
3 | CHAPTER 70 |
4 | TAX CREDIT BENEFIT VERIFICATION |
5 | 44-70-1. Benefit of tax credits to the state of Rhode Island to be verified. – Any |
6 | business applying for a tax credit pursuant to title 42 or title 44 shall comply with the provisions |
7 | of this chapter relating to tax credit benefits to the state of Rhode Island deriving from the |
8 | issuance of tax credits to businesses. Any business applying for a tax credit shall provide the |
9 | division of taxation with: |
10 | (1) A waiver of confidentiality providing the division of taxation access to any and all |
11 | business or financial records necessary to verify the benefit to the state of Rhode Island from the |
12 | issuance of the tax credit to the business. |
13 | (2) A signed affidavit indicating that the business shall turn over all financial records |
14 | which are relevant to determine what the benefit to the state of Rhode Island is as a result of the |
15 | issuance of the tax credit to the business. |
16 | 44-70-2. Benefit of tax credits to the state of Rhode Island to be verified—Existing |
17 | recipients requirements. – (a) Any business currently receiving a tax credit pursuant to title 42 |
18 | or title 44 shall comply with the provisions of § 44-70-1 by providing the division of taxation |
19 | with a waiver of confidentiality and an affidavit indicating that the business will provide all |
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1 | relevant business records necessary to verify benefits to the state of Rhode Island resulting from |
2 | the issuance of the tax credit to the business. |
3 | (b) Any business which fails to comply with the provisions of this chapter shall return to |
4 | the state of Rhode Island an amount equal to the tax credit already given. |
5 | 44-70-3. Rules and regulations. – The tax administrator is authorized and empowered to |
6 | promulgate rules and regulations necessary for the proper administration and enforcement of this |
7 | chapter. |
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 business tax credit recipients to provide the state with financial |
2 | business records to document any benefit to the state resulting from the issuance of the tax credit. |
3 | This act would take effect upon passage. |
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