The bill proposes amendments to the Rhode Island General Laws, particularly affecting the Rhode Island Business Corporation Act and the Rhode Island Limited-Liability Company Act. It revises the conditions under which the Secretary of State can revoke the articles of incorporation of a corporation or the certificate of authority of a foreign corporation. The insertions include provisions that allow revocation if a corporation fails to pay any fees or taxes due to the state, not just corporate taxes. The bill also updates the notice requirements for revocation, including a 60-day notice period and procedures if mail is returned as undeliverable. Additionally, the tax administrator is authorized to compile a list of companies delinquent on state fees and/or taxes for one year, which can trigger revocation proceedings by the Secretary of State. The bill also ensures that the Secretary of State and their employees or agents are subject to the same state and federal tax confidentiality laws as the division of taxation.

The bill also amends various sections related to tax credits, exemptions, and limitations on tax assessments and collections. It adjusts the business tax credits available to qualified businesses in enterprise zones, revises the "Jobs Training Tax Credit Act," and revises the "Business Corporation Tax" limitations on assessment. The bill outlines various exemptions from sales tax for items such as food, medicines, clothing, and personal property used in specific industries. It introduces new exemptions, such as for breast pumps and related supplies, and adjusts the sales and use tax laws, including the treatment of non-motorized recreational vehicles sold to nonresidents. The bill also amends sections related to the enforcement and collection of sales and use taxes, estate and transfer taxes, and personal income tax, setting forth new limitations on the assessment period and detailing the tax rates and brackets for different categories of taxpayers. Lastly, the bill introduces new tax credits for musical and theatrical production and historic preservation, while modifying existing credits and introducing new limitations on the assessment of personal income tax.

Statutes affected:
5839: 7-16-67.1, 42-64.3-6, 42-64.6-7, 44-18-30, 44-19-13, 44-23-9, 44-31-1, 44-39.1-2, 44-47-1, 44-57-1, 44-43-3