2023 -- H 5963 | |
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LC002160 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2023 | |
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A N A C T | |
RELATING TO TAXATION -- TAX CREDIT BENEFIT VERIFICATION | |
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Introduced By: Representatives Lima, and Cardillo | |
Date Introduced: March 01, 2023 | |
Referred To: House State Government & Elections | |
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 71 |
4 | TAX CREDIT BENEFIT VERIFICATION |
5 | 44-71-1. Benefit of tax credits to the State of Rhode Island to be verified. |
6 | Any business applying for a tax credit pursuant to title 42 or title 44 shall comply with the |
7 | provisions of this chapter relating to the nature of the tax credit benefits to the State of Rhode Island |
8 | deriving from the issuance of tax credits to businesses. Any business applying for a tax credit shall |
9 | provide the 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 which |
14 | are relevant to determine what the benefit to the State of Rhode Island is as a result of the issuance |
15 | of the tax credit to the business. |
16 | 44-71-2. Benefit of tax credits to the State of Rhode Island to be verified - Existing |
17 | recipient's requirements. |
18 | (a) Any business currently receiving a tax credit pursuant to title 42 or title 44 shall comply |
19 | with the provisions of ยง44-71-1 by providing the division of taxation with a waiver of |
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1 | confidentiality and an affidavit indicating that the business will provide all relevant business |
2 | records necessary to verify benefits to the State of Rhode Island resulting from the issuance of the |
3 | tax credit to the business. |
4 | (b) Any business which fails to comply with the provisions of this chapter shall return to |
5 | the State of Rhode Island an amount equal to the tax credit already given. |
6 | 44-71-3. Rules and regulations. |
7 | The tax administrator is authorized and empowered to promulgate rules and regulations |
8 | necessary for the proper administration, implementation and enforcement of this chapter. |
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 -- TAX CREDIT BENEFIT VERIFICATION | |
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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 from the issuance of the tax credit. |
3 | This act would take effect upon passage. |
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