Provides that businesses awarded tax credits, under the qualified jobs incentive act, within a specified time period are able to submit certain required documentation by December 31, 2025.
Impact
The enactment of S0613 would have a significant effect on state tax law related to job creation and the qualification criteria for businesses seeking financial incentives. By extending the deadline for documentation submission, the bill seeks to alleviate the burden on businesses that may have faced challenges in maintaining employment levels during the stipulated period. This extension is designed to ensure that more businesses can effectively access the incentives, thereby encouraging continued investment and job creation in Rhode Island.
Summary
Bill S0613, known as the Rhode Island New Qualified Jobs Incentive Act, proposes amendments to the existing legislation surrounding tax credits for businesses that meet certain employment criteria. Specifically, it allows businesses awarded tax credits between October 1, 2018, and December 31, 2023, an extension until December 31, 2025, to submit the necessary documentation for certification of their tax credit amounts. This change aims to provide businesses with additional time to fulfill their obligations as they recover from disruptions caused by external factors such as the economic impact of the pandemic.
Contention
While S0613 aims to aid businesses, it may face scrutiny regarding its implications for accountability and regulatory compliance. Some stakeholders might argue that extended deadlines could lead to insufficient oversight of the program, raising concerns about the potential misuse of tax incentives. Opponents could argue that the state needs to balance support for businesses with the necessity of adhering to rigorous standards to ensure that taxpayer funds are utilized efficiently and effectively in promoting job growth.
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.
Establishes the Rhode Island low-income housing improvement tax credit program providing tax credits for a period of five (5) years to applicants that are competitively selected and that meet the requirements of this chapter.
Establishes the Rhode Island low-income housing improvement tax credit program providing tax credits for a period of five (5) years to applicants that are competitively selected and that meet the requirements of this chapter.
Provides tax credits to an entity that relocates any part of the United States supply chain to Rhode Island. This act also provides tax credits and incentives to an entity that re-shores manufacturing production lines to Rhode Island.
Authorizes a retroactive tax credit for tax yr 2022/thereafter/allowing investment tax credits to be passed through to the personal income tax returns of eligible Sub-S corporation shareholders/limited liability company members who meet certain conditions
Authorizes a retroactive tax credit for tax yr 2022/thereafter/allowing investment tax credits to be passed through to the personal income tax returns of eligible Sub-S corporation shareholders/limited liability company members who meet certain conditions
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.