2019 -- S 0017

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LC000298

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

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A N   A C T

RELATING TO TAXATION - JOBS DEVELOPMENT ACT

     

     Introduced By: Senators DiPalma, Seveney, Conley, Miller, and Goldin

     Date Introduced: January 15, 2019

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 44-48.3-12 of the General Laws in Chapter 44-48.3 entitled "Rhode

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Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows:

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     44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under

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the jobs development act.

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     (a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 of the general laws

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shall be discontinued effective July 1, 2015, except as provided in subsection (b) of this section;

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provided, however, that all rate reductions provided pursuant to chapter 64.5 of title 42 will

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discontinue no later than July 1, 2019.

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     (b) Any company that has qualified for a rate reduction pursuant to chapter 64.5 of title

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42 prior to July 1, 2015, shall be entitled to maintain the rate reduction in effect as of June 30,

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2015, and no additional rate reduction shall be permitted. All obligations of the company required

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under chapter 64.5 of title 42 to retain a rate reduction shall remain in full force and effect.

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     SECTION 2. Chapter 42-64.5 of the General Laws entitled "Jobs Development Act" is

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hereby amended by adding thereto the following section:

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     42-64.5-9. Sunset.

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     No credits shall be authorized to be reserved pursuant to this chapter after June 30, 2019.

 

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     SECTION 3. 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 - JOBS DEVELOPMENT ACT

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     This act would sunset/discontinue the Jobs Development Act rate reduction as of July 1,

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2019.

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     This act would take effect upon passage.

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