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§42-64.14-11  Reduction Rate Schedule. –


Published: 2015

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TITLE 42

State Affairs and Government

CHAPTER 42-64.14

The I-195 Redevelopment Act of 2011

SECTION 42-64.14-11



   § 42-64.14-11  Reduction rate schedule.

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(a) The amount of the rate reduction specified in § 42-64.14-10 for any

eligible life sciences company for each taxable year beginning on or after

January 1, 2012, shall be based upon the aggregate amount of new employment of

the eligible life sciences company and its eligible subsidiaries for each

taxable year, and shall be determined by multiplying the numerical equivalent

of one-quarter of one percent (.25%) by the number of units of new employment

for each taxable year through the taxable year ending in 2014 or, if

applicable, the third taxable year following the base employment period

election set forth in § 42-64.14-12; and for each taxable year thereafter,

the number of units of new employment reported for the taxable year 2014 or, if

applicable, the third taxable year following the base employment period

election set forth in § 42-64.14-12; provided, however, the amount of each

rate reduction shall in no event be greater than six percent (6%).



   (b) For tax years beginning on or after January 1, 2015, the

amount of the rate reduction specified in § 42-64.14-10 for any eligible

company required to file and pay taxes pursuant to § 44-11-2, shall be

based upon the aggregate amount of new employment of the eligible company and

its eligible subsidiaries for each taxable year, and shall be determined by

multiplying the numerical equivalent of two tenths of one percent (.20%) by the

number of units of new employment for each taxable year through the taxable

year ending in 1997 or, if applicable, the third taxable year following the

base employment period election set forth in § 42-64.14-12; and for each

taxable year thereafter, the number of units of new employment reported for the

taxable year 1997 or, if applicable, the third taxable year following the base

employment period election set forth in § 42-64.14-12; provided, however,

the amount of each rate reduction shall in no event be greater than four

percent (4.0%).



History of Section.

(P.L. 2011, ch. 245, § 3; P.L. 2011, ch. 267, § 3; P.L. 2014, ch.

145, art. 12, § 14.)