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| 4 | 4 | | |
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| 5 | 5 | | 2025 -- S 0186 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC000941 |
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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 -- PERSONAL INCOME TAX |
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| 16 | 16 | | Introduced By: Senators McKenney, and Appollonio |
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| 17 | 17 | | Date Introduced: February 07, 2025 |
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| 18 | 18 | | Referred To: Senate Finance |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is hereby 1 |
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| 23 | 23 | | amended by adding thereto the following section: 2 |
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| 24 | 24 | | 44-30-28. Tax credit for sewer connection cost. 3 |
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| 25 | 25 | | (a) An owner of real property upon which a single family or multi-family dwelling is 4 |
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| 26 | 26 | | located will be allowed an income tax credit for the installation costs of connecting the single or 5 |
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| 27 | 27 | | multi-family dwelling to a municipal sewer system. 6 |
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| 28 | 28 | | (b) For the purposes of this section, the owner of real property shall be allowed a non-7 |
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| 29 | 29 | | refundable state income tax credit in the amount of the actual cost of connection. This credit shall 8 |
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| 30 | 30 | | be claimed only once by the real property owner. 9 |
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| 31 | 31 | | (c) This income tax credit shall be allowed as either a personal or a corporate income tax 10 |
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| 32 | 32 | | credit, depending on the real property owner's income tax filing status on the last day of the owner's 11 |
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| 33 | 33 | | income tax filing period; provided, that if the installation costs were incurred by a corporation, then 12 |
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| 34 | 34 | | a non-refundable corporate income tax credit shall be allowed, and if installation costs were not 13 |
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| 35 | 35 | | incurred by a corporation, then a non-refundable personal income tax credit shall be allowed. 14 |
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| 36 | 36 | | (d) In no event shall both a corporate and personal non-refundable income tax credit be 15 |
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| 37 | 37 | | allowed for the installation costs at a single location. 16 |
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| 38 | 38 | | |
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| 39 | 39 | | |
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| 40 | 40 | | LC000941 - Page 2 of 3 |
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| 41 | 41 | | SECTION 2. This act shall take effect upon passage. 1 |
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| 42 | 42 | | ======== |
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| 43 | 43 | | LC000941 |
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| 44 | 44 | | ======== |
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| 45 | 45 | | |
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| 46 | 46 | | |
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| 47 | 47 | | LC000941 - Page 3 of 3 |
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| 48 | 48 | | EXPLANATION |
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| 49 | 49 | | BY THE LEGISLATIVE COUNCIL |
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| 50 | 50 | | OF |
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| 51 | 51 | | A N A C T |
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| 52 | 52 | | RELATING TO TAXATION -- PERSONAL INCOME TAX |
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| 53 | 53 | | *** |
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| 54 | 54 | | This act would allow a one-time non-refundable tax credit for the actual costs of connecting 1 |
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| 55 | 55 | | a single family or multi-family dwelling to a municipal sewer system to the owner of the real 2 |
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| 56 | 56 | | property credited to the owner's personal income tax or corporate income tax based on the filing 3 |
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| 57 | 57 | | status of the owner. 4 |
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| 58 | 58 | | This act would take effect upon passage. 5 |
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| 59 | 59 | | ======== |
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| 60 | 60 | | LC000941 |
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| 61 | 61 | | ======== |
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| 62 | 62 | | |
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