§ 42-64.14-11. Reduction rate schedule.
(a) The amount of the rate reduction specified in § 42-64.14-10 for any eligible life sciences company for each taxable year beginning on or after January 1, 2012, shall be based upon the aggregate amount of new employment of the eligible life sciences 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 2014 or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.14-12; and for each taxable year thereafter, the number of units of new employment reported for the taxable year 2014 or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.14-12; provided, however, the amount of each rate reduction shall in no event be greater than six percent (6%).
(b) For tax years beginning on or after January 1, 2015, the amount of the rate reduction specified in § 42-64.14-10 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 § 42-64.14-12; 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 § 42-64.14-12; provided, however, the amount of each rate reduction shall in no event be greater than four percent (4.0%).
History of Section.P.L. 2011, ch. 245, § 3; P.L. 2011, ch. 267, § 3; P.L. 2014, ch. 145, art. 12, § 14.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.14 - The I-195 Redevelopment Act of 2011
Section 42-64.14-1. - Short title.
Section 42-64.14-2. - Findings.
Section 42-64.14-3. - Purposes.
Section 42-64.14-4. - Definitions.
Section 42-64.14-5. - The I-195 redevelopment district created.
Section 42-64.14-6. - The I-195 redevelopment district commission.
Section 42-64.14-7. - Powers and duties of the commission.
Section 42-64.14-8. - Additional general powers.
Section 42-64.14-9. - I-195 redevelopment life sciences jobs incentives programs.
Section 42-64.14-10. - Life sciences tax rate reduction.
Section 42-64.14-11. - Reduction rate schedule.
Section 42-64.14-12. - Election.
Section 42-64.14-13. - Planning, permitting, appeals and development.
Section 42-64.14-14. - Payments.
Section 42-64.14-15. - Abutting properties.
Section 42-64.14-16. - Records; reports; inspection.
Section 42-64.14-17. - Termination or dissolution of district.
Section 42-64.14-18. - Inconsistent laws or ordinance inoperative.
Section 42-64.14-19. - Pledge not to alter rights of district.
Section 42-64.14-20. - Construction.