Bill > S0613

This bill amends the Rhode Island New Qualified Jobs Incentive Act to provide businesses that were awarded tax credits between October 1, 2018, and December 31, 2023, with an extended deadline of December 31, 2025, to submit required documentation demonstrating their compliance with employment requirements. The bill clarifies that full-time employment is determined by averaging monthly full-time employment for an accounting period, and specifies that full-time employment means working an average of 35 hours per week. Additionally, the bill introduces a provision allowing businesses that were previously approved for tax credits but unable to meet their employment commitments and did not receive any credits to submit a new application to the commerce corporation. The legislation maintains existing provisions that allow the commerce corporation to grant two six-month extensions for documentation submission and stipulates that credit amounts become forfeited if documentation remains uncertified one year after the closing date of a tax period. The act will take effect immediately upon passage.

Budget and Finance

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