TITLE 42
State Affairs and Government
CHAPTER 42-64.11
Jobs Growth Act
SECTION 42-64.11-4
§ 42-64.11-4 Partial modification of
performance-based compensation.
(a) Fifty percent (50%) of the performance-based compensation realized by an
eligible employee in any credit year shall be allowed as a modification
decreasing adjusted gross income and alternative minimum income for purposes of
the personal income tax.
(b) The modification provided under subsection (a) shall be
taken into account in determining withholding under § 44-30-71 to be
deducted by a fully-certified company with respect to performance-based
compensation paid to eligible employees.
(c) The amount of income, otherwise qualifying as
performance-based compensation, derived from employer granted stock options is
subject to the fifty percent (50%) modification provided for in subsection (a)
only to the extent that the same amount is subject to tax under §
42-64.11-5.
History of Section.
(P.L. 2005, ch. 53, § 1; P.L. 2005, ch. 54, § 1.)