TITLE 42

State Affairs and Government

CHAPTER 42-64.14

The I-195 Redevelopment Act of 2011

SECTION 42-64.14-10



   § 42-64.14-10  Life sciences tax rate

reduction. –

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

eligible subsidiaries for any taxable year beginning on or after January 1,

2011, on its net income pursuant to the provisions of subsection 44-11-2(a),

shall be reduced by the amount specified in § 42-64.14-11; this rate

reduction shall be applied annually once to those eligible life sciences

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 consolidated state tax returns or as part of a combined group,

then the rate reduction shall be applied annually to each eligible life

sciences company and its eligible subsidiaries; provided, however, should any

eligible life sciences company fail to maintain in any taxable year after 2014

or, if applicable, the third taxable year following the base employment period

election set forth in § 42-64.14-12, the number of units of new employment

it reported for its 2014 tax year or, if applicable, the third taxable year

following the base employment period election set forth in § 42-64.14-12,

the rate reduction provided for in this chapter shall expire permanently.



History of Section.

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

145, art. 12, § 14.)