Section 42-64.11-1. – Short title.

§ 42-64.11-1. Short title. This chapter may be cited as the “Jobs Growth Act.” History of Section.P.L. 2005, ch. 53, § 1; P.L. 2005, ch. 54, § 1.

Section 42-64.11-2. – Definitions.

§ 42-64.11-2. Definitions. As used in this chapter, unless the context clearly indicates otherwise: (a) “Average annual current employment” means, for any test period, the average daily number of full-time equivalent active employees employed within the state by an eligible company and its affiliated entities. (b) “Affiliated entity” of an eligible company means any partnership, […]

Section 42-64.11-3. – Certification.

§ 42-64.11-3. Certification. (a) An eligible company may submit an initial application for certification with the Rhode Island economic development corporation. The application shall specify the name of the eligible company, its affiliated entities, and its base employment. (b) To qualify as a provisionally-certified company for a calendar-year, an eligible company shall file with the […]

Section 42-64.11-4. – Partial modification of performance-based compensation.

§ 42-64.11-4. Partial modification of performance-based compensation. (a) Fifty percent (50%) of the performance-based compensation realized by an eligible employee in any credit year shall be allowed as a modification decreasing adjusted gross income and alternative minimum income for purposes of the personal income tax. (b) The modification provided under subsection (a) shall be taken […]

Section 42-64.11-5. – Tax on employing unit.

§ 42-64.11-5. Tax on employing unit. For any taxable year beginning in a credit year, each employing unit (within the meaning of subsection 28-42-3(17) that is a certified company or one of its affiliated entities shall each pay a tax equal to five percent (5%) of the aggregate performance-based compensation paid to its eligible employees […]

Section 42-64.11-6. – Regulatory authority.

§ 42-64.11-6. Regulatory authority. (a) The Rhode Island economic development corporation may promulgate such regulations as it deems necessary and appropriate to carry out its functions under this chapter. (b) The tax administrator may adopt such regulations as he or she deems necessary and appropriate in connection with the taxes imposed and modifications granted herein. […]