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 extension until December 31, 2025, to submit the necessary documentation, provided it includes evidence of required withholdings. The bill also allows businesses that were approved for tax credits but were unable to meet their employment commitments and did not receive any tax credits to submit a new application for tax credits to the commerce corporation.

The bill clarifies that full-time employment is defined as an average of thirty-five hours per week. It establishes that any tax credit documentation not certified within one year after the closing date of the tax period will be forfeited, although credits for the remaining eligibility years will still be available. The act will take effect upon passage.

Statutes affected:
5971: 44-48.3-7