AN ACT RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT 2015

This bill, known as the Rhode Island New Qualified Jobs Incentive Act 2015, sets a final end date for tax rate reductions provided under the state's Jobs Development Act. Specifically, it mandates that no new tax credits will be reserved for companies after June 30, 2024, and all existing rate reductions must stop by July 1, 2024. While the bill stops future incentives, it allows companies that qualified for these tax breaks before July 1, 2015, to keep their current rates as long as they continue to meet the original requirements. Essentially, the legislation ensures that the special tax benefits for job creation in Rhode Island will not extend beyond the year 2024.