Increases the LLC organization fee to $500. Exempts the LLC from filing an annual tax return, paying the minimum tax and obtaining a letter of good standing from the division of taxation in order to dissolve.
Impact
The implications of S0413 are significant for state laws governing local governance and business regulation. Should the bill pass, it would amend existing statutes to grant the state more authority over local regulations, particularly those that might conflict with or exceed state standards. This could result in a shift of power, centralizing regulatory authority and effectively limiting local governments' ability to enact laws tailored to their communities. Stakeholders in the business community are largely in favor, arguing it will create a more favorable environment for economic growth and enhance operational efficiency for business owners.
Summary
S0413 is a bill designed to modify the regulatory landscape affecting state and local governments, particularly concerning business operations. It seeks to establish clearer guidelines that streamline the compliance process for businesses operating across different local jurisdictions. Proponents of the bill contend that it will reduce the administrative burden on businesses and create a more predictable regulatory environment, which could encourage economic growth and attract new investments into the state. By focusing on statewide regulation, the bill aims to eliminate discrepancies among local laws that could hinder businesses from operating efficiently.
Contention
Notably, S0413 has sparked debate among lawmakers and advocacy groups. While business advocates highlight the advantages of reducing regulatory burdens, critics express concern about the loss of local control and the potential negative effects on community-specific needs. Detractors, including local government representatives, suggest that the bill undermines the ability of municipalities to address their unique challenges, potentially leading to a one-size-fits-all approach that fails to consider local circumstances. The discussions surrounding this bill have illuminated the tension between state-level standardization and local governance that is tailored to specific community needs.
Increases the federal adjusted gross income threshold for modification for taxable social security income. Amends references to federal adjusted gross income as pertains to modification of taxable retirement income from certain pension plans or annuities.
Removes the exemption from taxation granted to Bryant University located in Smithfield, RI subjecting the university to full taxation unless, the university and the town of Smithfield reach an agreement on payment in lieu of taxes on or before 6/30/24.
Removes the exemption from taxation granted to Bryant University located in Smithfield, RI subjecting the university to full taxation unless, the university and the town of Smithfield reach an agreement on payment in lieu of taxes on or before 6/30/24.