§ 44-48.3-7 — § 44-48.3-7. Documentation.

Rhode Island § 44-48.3-7

• Jurisdiction: Rhode Island
• Title 44: Taxation
• Ch. 44-48.3: Rhode Island New Qualified Jobs Incentive Act 2015

Text

§ 44-48.3-7. Documentation.

(a) A business shall submit documentation indicating that it has met the employment requirements specified in the incentive agreement for certification of its tax credit amount within three (3) years following the date of approval of its application by the commerce corporation. The commerce corporation, after a finding of good cause, may grant two (2) six (6) month extensions of this deadline. In no event shall the incentive effective date occur later than four (4) years following the date of approval of an application by the commerce corporation.

(b) Full-time employment for an accounting or privilege period shall be determined as the average of the monthly full-time employment for the period.

(c) In conducting its annual review of a business, the commerce corporation may require a business to submit any information determined by the commerce corporation to be necessary and relevant to its review.

(d) The credit amount for any tax period for which the documentation of a business's credit amount remains uncertified as of a date one year after the closing date of that period shall be forfeited, although credit amounts for the remainder of the years of the eligibility period shall remain available to the business.

Legislative History

P.L. 2015, ch. 141, art. 19, § 15.