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

SB 2624 discontinues Rhode Island's Jobs Development Act tax rate reductions by July 1, 2026. It ensures companies that qualified for rate reductions under the program before July 1, 2015, can maintain their existing rates through June 30, 2026, but no new rate reductions or credits will be authorized after June 30, 2026. The bill directly affects businesses participating in the state's qualified jobs tax incentive program. It ends future eligibility for the tax rate reductions while preserving existing benefits for qualifying companies. The law takes effect upon passage.