Sunsets/discontinues the Jobs Development Act rate reduction as of July 1, 2024.
Sunsets/discontinues the Jobs Development Act rate reduction as of July 1, 2024.
Mandates that the work week be reduced to thirty-two hours and rate of pay for a thirty-two (32) hour workweek would remain the same as the rate of pay for forty hours.
Provides that a business unable to meet its first year employment level under the qualified jobs tax credit program established by chapter 48.3 of title 44 would not lose eligibility for tax credits in the remaining years of an award under the program.
Rhode Island Commerce Corporation
Raises the earned-income tax credit from sixteen percent (16%) to thirty percent (30%) for the tax years 2025 and beyond.
Rhode Island Commerce Corporation
Amends the capital gains tax rates and holding period from 5 years to 1 year. Imposes a non-owner occupied tax on homes assessed at more than $1,000,000.
Increases the state earned-income credit as of January 1, 2025 to seventeen percent (17%) of the federal earned-income credit, not to exceed the amount of state income tax.
Amends the capital gains tax rates and holding period from 5 years to 1 year. Imposes a non-owner occupied tax on homes assessed at more than $1,000,000.