Introduced By: Senator Iron
Date Introduced : February 10, 1998
It is enacted by the General Assembly as follows:
SECTION 1. Section 42-64.5-6 of the General Laws in Chapter 42-64.5 entitled "Rhode Island Jobs Development Act" is hereby amended to read as follows:
42-64.5-6. Election. -- An eligible company may
elect to determine its "base employment" for purposes
of this chapter on either July 1, 1995, {DEL or DEL} July
1, 1996, {ADD July 1, 1997 or July 1, 1998 ADD}rather than on July
1, 1994. As a result of such 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 such manner as 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.
