The bill amends the Rhode Island New Qualified Jobs Incentive Act of 2015 by discontinuing the rate reductions provided under the Jobs Development Act. Specifically, it states that all rate reductions will cease effective July 1, 2015, with a final cutoff date for any remaining reductions set for July 1, 2025. Companies that qualified for a rate reduction before July 1, 2015, will be allowed to maintain their existing rate reductions, but no new reductions will be granted. The obligations for these companies to retain their rate reductions will remain in effect.

Additionally, the bill introduces a new section to the Jobs Development Act, establishing a sunset provision that prohibits the authorization of any credits after June 30, 2025. This legislative change aims to streamline the incentive program and ensure that no further benefits are extended beyond the specified date. The act will take effect immediately upon passage.

Statutes affected:
111: 44-48.3-12