Chapter 150

Chapter 150

2003 -- S 0741

Enacted 07/10/03





     Introduced By: Senators Irons, Bates, Sosnowski, Lenihan, and Celona

     Date Introduced: February 26, 2003



It is enacted by the General Assembly as follows:


     SECTION 1. Section 42-64.5-5 of the General Laws in Chapter 42-64.5 entitled "Jobs

Development Act" is hereby amended to read as follows:

     42-64.5-5. Election. -- An eligible company may elect to determine its "base

employment" for the purposes of this chapter on either July 1 of any year subsequent to 1994,

1995, July 1, 1996, July 1, 1997 July 1, 1998, July 1, 1999, July 1, 2000, or July 1, 2001 rather

than on July 1, 1994; provided, however, that an eligible company that is a telecommunication

company may shall determine its base employment on either July 1, 2001 or July 1, 2002.; and

provided, further, that an eligible company may not use July 1, 2003 or any subsequent date to

determine its base employment unless a determination has been made by the board of directors of

the Rhode Island economic development corporation that: (a) but for the incentives available

under this act the company is not likely to retain, expand, or add employment in this state; and (b)

that the company has provided reasonable evidence supporting a finding that the jobs retained,

expanded, or added will generate new tax revenue for the state that is at least equivalent to the

value of this incentive.

      As a result of the election, rules comparable to those set forth elsewhere in this chapter

shall be applied to determine the rate reduction available for each of the three (3) taxable years

following the first anniversary of the date the eligible company elected to use to determine its

"base employment" and for the taxable years following that three (3) year period. This election

(a) shall be made in a manner that may be determined by the tax administrator, and (b) shall not

be available to an eligible company that previously claimed a rate reduction under this chapter.

     SECTION 2. This act shall take effect upon passage.