§ 42-64.14-11. Reduction rate schedule.
(a) The amount of the rate reduction specified in § 42-64.14-10 for any eligible life sciences company for each taxable year beginning on or after
January 1, 2012, shall be based upon the aggregate amount of new employment of the
eligible life sciences company and its eligible subsidiaries for each taxable year,
and shall be determined by multiplying the numerical equivalent of one-quarter of
one percent (.25%) by the number of units of new employment for each taxable year
through the taxable year ending in 2014 or, if applicable, the third taxable year
following the base employment period election set
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§ 42-64.14-11. Reduction rate schedule.
(a) The amount of the rate reduction specified in § 42-64.14-10 for any eligible life sciences company for each taxable year beginning on or after
January 1, 2012, shall be based upon the aggregate amount of new employment of the
eligible life sciences company and its eligible subsidiaries for each taxable year,
and shall be determined by multiplying the numerical equivalent of one-quarter of
one percent (.25%) by the number of units of new employment for each taxable year
through the taxable year ending in 2014 or, if applicable, the third taxable year
following the base employment period election set forth in § 42-64.14-12; and for each taxable year thereafter, the number of units of new employment reported
for the taxable year 2014 or, if applicable, the third taxable year following the
base employment period election set forth in § 42-64.14-12; provided, however, the amount of each rate reduction shall in no event be greater
than six percent (6%).
(b) For tax years beginning on or after January 1, 2015, the amount of the rate reduction
specified in § 42-64.14-10 for any eligible company required to file and pay taxes pursuant to § 44-11-2, shall be based upon the aggregate amount of new employment of the eligible company
and its eligible subsidiaries for each taxable year, and shall be determined by multiplying
the numerical equivalent of two tenths of one percent (.20%) by the number of units
of new employment for each taxable year through the taxable year ending in 1997 or,
if applicable, the third taxable year following the base employment period election
set forth in § 42-64.14-12; and for each taxable year thereafter, the number of units of new employment reported
for the taxable year 1997 or, if applicable, the third taxable year following the
base employment period election set forth in § 42-64.14-12; provided, however, the amount of each rate reduction shall in no event be greater
than four percent (4.0%).