Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.
Allocates, to the cities and towns of the state, a portion of state income taxes for new employees of not-for-profit healthcare institutions and private educational institutions.
Maddy summaryThis bill establishes a new state fund to provide tuition and related expense assistance to individuals pursuing teacher certification in shortage fields, specifically science and mathematics for grades seven through twelve. To qualify, applicants must be enrolled in a Rhode Island postsecondary program to become teachers in these areas, and the financial aid is intended to cover costs such as tuition, room, board, and books after other aid has been applied. Recipients are required to complete at least three years of full-time teaching in a shortage field within the state, or the assistance they received will convert into a loan that must be repaid. The Office of the Postsecondary Commissioner will administer the program, update the list of shortage fields biennially, and report annually on the fund's usage while maintaining applicant privacy.
Exempts from taxation the non-commercial real and tangible personal property of Southside Community Land Trust, a Rhode Island domestic nonprofit corporation, located in Providence, Rhode Island.
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.
Requires renovation projects of pre-1978 buildings to comply with provisions of chapter 24.6 of title 23 and chapter 21 of title 28, and require presence of lead inspector and supervisor and require lead training. DLT would ensure compliance.
Determines reimbursement rate for lost tax revenue base upon the 2023 assessment and rate. Allows for an estimate to be calculate based upon 2022 if 2023 information unavailable. Allows municipality to audit calculation.
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.
