AN ACT RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT 2015

House Bill 5531 seeks to discontinue the tax rate reductions and new credit authorizations provided by the Rhode Island Jobs Development Act. The bill specifies that all remaining tax rate reductions under this act will cease by July 1, 2025, including those for companies that qualified before July 1, 2015. Additionally, no new tax credits will be authorized under the Jobs Development Act after June 30, 2025. This legislation directly affects businesses that have previously received or could potentially receive these specific state tax incentives.