Rhode Island 2023 Regular Session

Rhode Island House Bill H6012 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3
4	4
5	5	2023 -- H 6012
6	6	========
7	7	LC002380
8	8	========
9	9	S TATE OF RHODE IS LAND
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2023
12	12	____________
13	13
14	14	A N A C T
15	15	RELATING TO TAXATION -- RHODE ISLAND WOMEN'S EQUITY INCENTIVE ACT OF
16	16	2023
17	17	Introduced By: Representatives Donovan, Boylan, Tanzi, Kazarian, Casimiro, Fogarty,
18	18	Caldwell, McEntee, and Spears
19	19	Date Introduced: March 01, 2023
20	20	Referred To: House Finance
21	21
22	22
23	23	It is enacted by the General Assembly as follows:
24	24	SECTION 1. Title 44 of the General Laws entitled "TAXATION" is hereby amended by 1
25	25	adding thereto the following chapter: 2
26	26	CHAPTER 48.4 3
27	27	RHODE ISLAND WOMEN'S EQUITY INCENTIVE ACT OF 2023 4
28	28	44-48.4-1. Short title. 5
29	29	This chapter shall be known and may be cited as the "Rhode Island Women’s Equity 6
30	30	Incentive Act of 2023." 7
31	31	44-48.4-2. Findings and declaration. 8
32	32	(a) It is hereby found and declared that Rhode Island women continue to experience barriers 9
33	33	and challenges to economic security and prosperity despite their critical role in society and the 10
34	34	economy. Generally, they are paid less than men, are overrepresented in low-paying jobs and are 11
35	35	more likely to live in poverty. Without purposeful action, economic disparities can and will simply 12
36	36	reproduce themselves. 13
37	37	(b) Economic recovery depends on addressing longstanding discrimination and barriers 14
38	38	that have hampered women including women of color from fully participating in the labor force. 15
39	39	Persistent inequities in access to executive tracked careers and in innovation and STEM industries 16
40	40	prevent our economy from reaching its full potential. Our economy and our state is better off when 17
41	41	women are better off. 18
42	42
43	43
44	44	LC002380 - Page 2 of 5
45	45	(c) Through the establishment of the women’s equity incentive program, Rhode Island can 1
46	46	take steps to stimulate business expansion and attraction, create well-paying jobs for traditionally 2
47	47	underrepresented members of our workforce, and generate revenues for necessary state and local 3
48	48	governmental services. 4
49	49	44-48.4-3. Definitions. 5
50	50	As used in this chapter, unless the context clearly indicates otherwise, the following words 6
51	51	and phrases shall have the following meanings: 7
52	52	(1) "Eligible business" means an applicant that is a corporation, state bank, federal savings 8
53	53	bank, trust company, national banking association, bank holding company, loan and investment 9
54	54	company, mutual savings bank, credit union, building and loan association, insurance company, 10
55	55	investment company, broker-dealer company or surety company, limited liability company, 11
56	56	partnership, or sole proprietorship. 12
57	57	(2) "Eligibility period" means the period in which an eligible business may claim a tax 13
58	58	credit under the program, which shall be a calendar year. 14
59	59	(3) "Eligible position" means a position filled by a full time employee in an eligible 15
60	60	business which is a new position, or a position not previously held by a woman, that pays no less 16
61	61	than the U.S. Bureau of Labor Statics annual mean wage of management occupations for Rhode 17
62	62	Island and for which wages are subject to withholding. 18
63	63	(4) "Full-time employee" means a woman who is employed by an eligible business for 19
64	64	consideration for at least thirty-five (35) hours a week. 20
65	65	44-48.4-4. Rhode Island women's equity program. 21
66	66	(a) The Rhode Island women’s equity program is hereby established as a program under 22
67	67	the jurisdiction of and shall be administered by the division of taxation. The program shall provide 23
68	68	tax credits to eligible businesses for an eligibility period. 24
69	69	(b) An eligible business under the program shall be any entitled to a credit against taxes 25
70	70	imposed pursuant to chapters 11, 13, 14, 17 or 30 of title 44 for any eligible position and as further 26
71	71	provided under this chapter. 27
72	72	(c) In the event that the attestation by the chief executive officer of the business, or 28
73	73	equivalent officer, required under subsection (d) of this section is found to be willfully false, the 29
74	74	division of taxation may revoke any award of tax credits in their entirety, which revocation shall 30
75	75	be in addition to any other criminal or civil penalties that the business and/or the officer may be 31
76	76	subject to under applicable law. Additionally, the division of taxation may revoke any award of tax 32
77	77	credits in its entirety if the eligible business is convicted of bribery, fraud, theft, embezzlement, 33
78	78	misappropriation, and/or extortion involving the state, any state agency or political subdivision of 34
79	79
80	80
81	81	LC002380 - Page 3 of 5
82	82	the state. 1
83	83	(d) The chief executive officer of the business shall provide a written attestation that the 2
84	84	documents and financial information provided by the business is true and accurate to the best of 3
85	85	their knowledge and belief. 4
86	86	44-48.4-5. Total amount of tax credit for eligible business. 5
87	87	The base amount of the tax credit for an eligible business for each new full-time position 6
88	88	shall be up to three thousand five hundred dollars ($3,500), annually per new employee. 7
89	89	44-48.4-6. Documentation. 8
90	90	(a) A business shall maintain documentation indicating that it has met the employment 9
91	91	requirements for the tax credit amount set forth in § 44-48.4-7. 10
92	92	(b) Full-time employment for an accounting or privilege period shall be determined as the 11
93	93	average of the monthly full-time employment for the period. 12
94	94	44-48.4-7. Credit for qualified women's equity program expenses. 13
95	95	(a) "Qualified expenses" and "base period expenses" have the same meaning as defined in 14
96	96	26 U.S.C. § 41; provided that, the expenses have been incurred in this state after July 1, 2023. 15
97	97	(b) The credit allowed under this section shall only be allowed against the tax of that 16
98	98	corporation included in a consolidated return that qualifies for the credit and not against the tax of 17
99	99	other corporations that may join in the filing of a consolidated return. 18
100	100	(c) In the event the taxpayer is a partnership, joint venture or small business corporation, 19
101	101	the credit is divided in the same manner as income. 20
102	102	44-48.4-8. Transfer or redemption of tax credits. 21
103	103	The division of taxation shall establish, by regulation, the process for the assignment, 22
104	104	transfer or conveyance of tax credits. 23
105	105	44-48.4-9. Administration. 24
106	106	The division of taxation shall adopt rules and regulations as are necessary to implement 25
107	107	this chapter. 26
108	108	44-48.4-10. Program integrity. 27
109	109	Program integrity being of paramount importance, the division of taxation shall establish 28
110	110	procedures to ensure ongoing compliance with the terms and conditions of the program established 29
111	111	herein, including procedures to safeguard the expenditure of public funds and to ensure that the 30
112	112	funds further the objectives of the program. 31
113	113
114	114
115	115	LC002380 - Page 4 of 5
116	116	SECTION 2. This act shall take effect upon passage. 1
117	117	========
118	118	LC002380
119	119	========
120	120
121	121
122	122	LC002380 - Page 5 of 5
123	123	EXPLANATION
124	124	BY THE LEGISLATIVE COUNCIL
125	125	OF
126	126	A N A C T
127	127	RELATING TO TAXATION -- RHODE ISLAND WOMEN'S EQUITY INCENTIVE ACT OF
128	128	2023
129	129	***
130	130	This act would create the Rhode Island Women’s Equity Incentive Act of 2023 to address 1
131	131	the inequities experienced by women in the workforce by offering tax credits up to three thousand 2
132	132	five hundred dollars ($3,500) per employee, per year to eligible businesses. 3
133	133	This act would take effect upon passage. 4
134	134	========
135	135	LC002380
136	136	========