TITLE 42

State Affairs and Government

CHAPTER 42-64.5

Jobs Development Act

SECTION 42-64.5-3



   § 42-64.5-3  Tax rate reduction. –

The rate of tax payable by an eligible company and each of its eligible

subsidiaries for any taxable year ending on or after July 1, 1995, on its net

income pursuant to the applicable income tax provisions of the general laws,

including the provisions of §§ 44-11-2(a), 44-14-3(a), 44-14-4 and

44-17-1, or on its gross earnings pursuant to § 44-13-4(4), shall be

reduced by the amount specified in § 42-64.5-4; this rate reduction shall

be applied annually once to those eligible companies which are permitted by law

to file a consolidated state tax return or as part of a combined group and in

the case of eligible companies not required by law to file as part of a

combined group, then the rate reduction shall be applied annually to each

eligible company and its eligible subsidiaries; provided, however, except as

provided in § 42-64.5-7, should any eligible company fail to maintain in

any taxable year after 1997 or, if applicable, the third taxable year following

the base employment period election set forth in § 42-64.5-5, the number

of units of new employment it reported for its 1997 tax year or, if applicable,

the third taxable year following the base employment period election set forth

in § 42-64.5-5; the rate reduction provided for in this chapter shall

expire permanently.



History of Section.

(P.L. 1994, ch. 84, § 1; P.L. 2001, ch. 77, art. 7, § 4; P.L. 2004,

ch. 333, § 1; P.L. 2004, ch. 396, § 1; P.L. 2014, ch. 145, art. 12,

§ 13.)