TITLE 42
State Affairs and Government
CHAPTER 42-64.5
Jobs Development Act
SECTION 42-64.5-4
§ 42-64.5-4 Reduction rate schedule.
(a)(i) The amount of the rate reduction specified in § 42-64.5-3 for any
eligible company that is not a telecommunications company for each taxable year
ending on or after July 1, 1995, 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 one-quarter of one percent (.25%) 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 § 42-64.5-5; 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 § 42-64.5-5; provided, however, the amount of each
rate reduction shall in no event be greater than six percent (6%).
(ii) For the tax years beginning on or after January 1, 2015,
the amount of the rate reduction specified in § 42-64.5-3 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 § 42-64.5-5; 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 § 42-64.5-5; provided, however,
the amount of each rate reduction shall in no event be greater than four
percent (4.0%).
(b) The amount of the rate reduction specified in §
42-64.5-3 for any eligible company that is a telecommunications company 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 in
the same manner as set forth in subsection (a) of this section, except that it
shall be determined by multiplying the numerical equivalent of one-hundredth of
one percent (.01%) by the number of units of new employment and the amount of
each rate reduction shall in no event be greater than one percent (1%).
(c) Notwithstanding any of the provisions of this chapter,
where an eligible telecommunications company has one or more affiliated
entities that is an eligible company, the eligible company entitled to a rate
reduction may assign its rate reduction, to be determined in the manner as
provided in subsection (b) of this section, to the eligible telecommunications
company. An entity that assigns the rate reduction shall not be eligible for
the rate reduction.
History of Section.
(P.L. 1994, ch. 84, § 1; P.L. 2001, ch. 77, art. 7, § 4; P.L. 2014,
ch. 145, art. 12, § 13.)