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§42-64.5-4  Reduction rate schedule. –


Published: 2015

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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.

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(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.)