AN ACT RELATING TO TAXATION -- RHODE ISLAND LOCAL INVESTMENT TAX CREDIT ACT

Summary

The bill lets taxpayers claim a credit equal to 50% of a qualified investment in a local business with 99 or fewer employees, capped at $3,000 per year. Credits are only available after the investment is certified by a new Rhode Island commerce corporation strategic fund, and the state will appropriate money to cover any lost revenue. It aims to encourage local investment while protecting state finances.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share