2020 -- S 2215 | |
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LC004108 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2020 | |
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A N A C T | |
RELATING TO TAXATION -- PERSONAL INCOME TAX | |
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Introduced By: Senators McKenney, McCaffrey, Pearson, Satchell, and Raptakis | |
Date Introduced: February 04, 2020 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is |
2 | hereby amended by adding thereto the following section: |
3 | 44-30-103. Tax credit for sewer connection cost. |
4 | (a) An owner of real property upon which a single family or multi-family dwelling is |
5 | located will be allowed an income tax credit for the installation costs of connecting the single or |
6 | multi-family dwelling to a municipal sewer system. |
7 | (b) For the purposes of this section, the owner of real property shall be allowed a non- |
8 | refundable state income tax credit in the amount of the actual cost of connection. This credit shall |
9 | be claimed only once by the real property owner. This income tax credit shall be allowed as either |
10 | a personal or a corporate income tax credit, depending on the real property owner's income tax |
11 | filing status on the last day of the owner's income tax filing period; provided, that if the |
12 | installation costs were incurred by a corporation, then a non-refundable corporate income tax |
13 | credit shall be allowed, and if installation costs were not incurred by a corporation, then a non- |
14 | refundable personal income tax credit shall be allowed. In no event shall both a corporate and |
15 | personal non-refundable income tax credit be allowed for the installation costs at a single |
16 | location. |
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1 | 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 -- PERSONAL INCOME TAX | |
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1 | This act would allow a one-time non-refundable tax credit for the actual costs of |
2 | connecting a single family or multi-family dwelling to a municipal sewer system provided to the |
3 | owner of the real property credited to the owner's personal income tax or corporate income tax |
4 | based on the filing status of the owner. |
5 | This act would take effect upon passage. |
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