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| 5 | 5 | | 2025 -- S 0111 |
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| 7 | 7 | | LC000146 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT |
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| 16 | 16 | | 2015 |
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| 17 | 17 | | Introduced By: Senators Ujifusa, DiPalma, Ciccone, Euer, Bell, Felag, Acosta, Zurier, |
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| 18 | 18 | | and DiMario |
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| 19 | 19 | | Date Introduced: January 31, 2025 |
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| 20 | 20 | | Referred To: Senate Finance |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | It is enacted by the General Assembly as follows: |
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| 24 | 24 | | SECTION 1. Section 44-48.3-12 of the General Laws in Chapter 44-48.3 entitled "Rhode 1 |
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| 25 | 25 | | Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows: 2 |
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| 26 | 26 | | 44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under 3 |
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| 27 | 27 | | the jobs development act. 4 |
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| 28 | 28 | | (a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 shall be discontinued 5 |
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| 29 | 29 | | effective July 1, 2015, except as provided in subsection (b) of this section; provided, however, that 6 |
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| 30 | 30 | | all rate reductions provided pursuant to chapter 64.5 of title 42 will discontinue no later than July 7 |
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| 31 | 31 | | 1, 2025. 8 |
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| 32 | 32 | | (b) Any company that has qualified for a rate reduction pursuant to chapter 64.5 of title 42 9 |
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| 33 | 33 | | prior to July 1, 2015, shall be entitled to maintain the rate reduction in effect as of June 30, 2015, 10 |
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| 34 | 34 | | and no additional rate reduction shall be permitted. All obligations of the company required under 11 |
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| 35 | 35 | | chapter 64.5 of title 42 to retain a rate reduction shall remain in full force and effect. 12 |
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| 36 | 36 | | SECTION 2. Chapter 42-64.5 of the General Laws entitled "Jobs Development Act" is 13 |
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| 37 | 37 | | hereby amended by adding thereto the following section: 14 |
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| 38 | 38 | | 42-64.5-9. Sunset. 15 |
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| 39 | 39 | | No credits shall be authorized to be reserved pursuant to this chapter after June 30, 2025. 16 |
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| 41 | 41 | | |
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| 42 | 42 | | LC000146 - Page 2 of 3 |
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| 43 | 43 | | SECTION 3. This act shall take effect upon passage. 1 |
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| 45 | 45 | | LC000146 |
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| 48 | 48 | | |
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| 49 | 49 | | LC000146 - Page 3 of 3 |
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| 50 | 50 | | EXPLANATION |
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| 51 | 51 | | BY THE LEGISLATIVE COUNCIL |
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| 52 | 52 | | OF |
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| 53 | 53 | | A N A C T |
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| 54 | 54 | | RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT |
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| 55 | 55 | | 2015 |
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| 56 | 56 | | *** |
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| 57 | 57 | | This act would sunset/discontinue the Jobs Development Act rate reduction as of July 1, 1 |
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| 58 | 58 | | 2025. 2 |
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| 59 | 59 | | This act would take effect upon passage. 3 |
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| 60 | 60 | | ======== |
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| 61 | 61 | | LC000146 |
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