The bill amends Section 44-48.3-7 of the Rhode Island New Qualified Jobs Incentive Act 2015, introducing new provisions regarding documentation requirements for businesses seeking tax credits. It specifies that businesses must submit documentation indicating either their compliance with employment requirements or a waiver of tax credits for the first year of eligibility. Additionally, businesses that received tax credits between October 1, 2018, and December 31, 2023, are granted an extended deadline until December 31, 2025, to submit the necessary documentation, provided it includes evidence of required withholdings. The bill also allows for two six-month extensions for businesses that demonstrate good cause for delays in meeting these requirements.

Furthermore, the bill clarifies that a full-time employee is defined as one who works an average of thirty-five hours per week. It introduces a provision allowing businesses that were approved for tax credits but failed to meet employment commitments to submit a new application for tax credits. The changes aim to streamline the process for businesses while ensuring compliance with employment commitments and tax credit documentation. The act will take effect upon passage.