Budget & Taxes (Economic Development)

HB 7505 ends Rhode Island's Jobs Development Act tax incentive program by July 1, 2026. It stops all new rate reductions for companies after June 30, 2026, and requires existing beneficiaries who qualified before July 1, 2015, to maintain their current tax rate until the program's end date. The bill does not affect companies that already secured benefits before the 2015 cutoff date, but no new companies can qualify for the tax rate reductions after 2026. This is a straightforward sunset provision for the state's job creation tax incentive program.