Requires a review by the department of elementary and secondary education of the formula components used to compute the aid needed to support high need students.
Includes municipal detention facility corporations as exempt from taxation, and requires that an amount equal to twenty-seven percent (27%) of all tax that would have been collected if the property was taxable be paid to the municipality annually.
Creates an additional Rhode Island personal income surtax of 3% on taxable income over $1,000,000, with the existing three-bracket personal income tax structure remaining in place.
Creates a workload study for social caseworkers II in the division of developmental disabilities within the department of behavioral healthcare, developmental disabilities and hospitals (BHDDH).
Establishes a digital electronics right to repair, which would allow for digital electronic equipment and parts that are sold in this state on or after January 1, 2025, to be repaired at an independent repair provider.
Maddy summaryThis 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.
Creates new tax on gains from sale or exchange of real property held for short periods of time, 6 years or less, establishes a comprehensive framework to calculate and implement enforcement and provides imprisonment and/or fines for those who evade taxes.
Extends the sunset date of the Rhode Island hope scholarship pilot program act from 2028 to 2030, in order to allow the program to provide eligible students with funding for tuition and mandatory fees for an additional two (2) years.
Maddy summaryThis bill creates the Rhode Island Drug Cost Review Commission to address rising prescription drug prices by treating them similarly to regulated utilities. The new commission will consist of five appointed members and a thirteen-member advisory board representing patients, doctors, insurers, and other stakeholders. Manufacturers must notify the commission if they plan to increase drug prices by more than ten percent or introduce new drugs costing over thirty thousand dollars annually, triggering a public review process. During these reviews, the commission will analyze costs and vote on whether to set price limits for payers, with decisions made publicly by a simple majority vote.
Allows a modification to federal adjusted gross income of fifty thousand dollars ($50,000) of taxable pension and/or annuity income for tax years beginning on or after January 1, 2025.
