2022 -- H 7447 | |
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LC004555 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2022 | |
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A N A C T | |
RELATING TO TAXATION | |
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Introduced By: Representative P Morgan | |
Date Introduced: February 11, 2022 | |
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 | SUPPLY CHAIN RELOCATION |
5 | 44-70-1. Supply chain relocation. |
6 | Every entity that relocates any part of the United States supply chain that currently is |
7 | located in another country to Rhode Island shall be eligible to receive: |
8 | (a) Ten (10) years of zero percent (0%) property tax payments. Manufacturing entities shall |
9 | receive an additional ten (10) years in which the property tax increases by ten percent (10%) every |
10 | year until it reached one hundred percent (100%) in the tenth year of production. The state shall |
11 | reimburse the municipality. |
12 | (b) A one hundred percent (100%) tax credit for the cost of placing solar arrays or |
13 | hydroelectric turbines at its facility. |
14 | (c) A fifty percent (50%) credit for all materials and labor used to increase the energy |
15 | conservation efficiency of the physical plant. |
16 | (d) A tax credit equal to fifty percent (50%) of the state income tax owed by the entity for |
17 | fifteen (15) years commencing in the first year the entity begins production. |
18 | (e) A tax credit for all sales taxes on construction materials used in the initial construction |
19 | or renovation of the facility. |
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1 | (f) For the first fifteen (15) years of production the entity shall receive: |
2 | (1) A tax credit equal to seventy-five percent (75%) of the cost of employee training. This |
3 | tax credit applies to in-house training. The entity’s employees shall also be eligible for free tuition |
4 | at any Rhode Island state college for instruction required to improve job performance. The entity |
5 | shall attest to the value and necessity of the college instruction to its operations for the employee |
6 | to be eligible. |
7 | (2) A tax credit equal to fifty percent (50%) of the cost for technology or equipment used |
8 | to reduce the waste stream or combat pollution. |
9 | 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 provide tax credits to any entity that relocates any part of the United States |
2 | supply chain that currently is located in another country to Rhode Island. |
3 | This act would take effect upon passage. |
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