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

This bill, SB 111, proposes to discontinue the tax rate reductions provided under the "Jobs Development Act." It would sunset all existing rate reductions from this program by July 1, 2025. Companies that qualified for a rate reduction before July 1, 2015, would be allowed to maintain their existing reduction until the 2025 deadline, provided they continue to meet their obligations. No new credits or additional rate reductions would be authorized under the Jobs Development Act after June 30, 2025.