The bill amends Section 44-48.3-12 of the Rhode Island New Qualified Jobs Incentive Act 2015, discontinuing the rate reductions provided under the Jobs Development Act effective July 1, 2015. It stipulates that all rate reductions will cease no later than July 1, 2025. No new rate reductions will be authorized after this date, and companies that qualified for a rate reduction before July 1, 2015, will retain their current rate reduction as of June 30, 2015.

Additionally, the bill introduces a new section, 42-64.5-9, to the Jobs Development Act, stating that no credits shall be authorized to be reserved after June 30, 2025. This act is set to take effect upon passage, effectively sunsetting the Jobs Development Act rate reductions and ensuring that no new beneficiaries will be added after the specified date.

Statutes affected:
5531: 44-48.3-12