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 required documentation, which must also include evidence of withholdings.

Furthermore, the bill allows businesses that were approved for tax credits but were unable to meet their employment commitments, as determined by the commerce corporation, to submit a new application for tax credits. The definition of full-time employment is clarified to mean an average of thirty-five hours per week. This act will take effect upon passage.

Statutes affected:
613: 44-48.3-7