2010 -- H 7563

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LC01706

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2010

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A N A C T

RELATING TO TAXATION -- TAX INCENTIVES FOR EMPLOYERS

     Introduced By: Representative A Rice

     Date Introduced: February 24, 2010

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 44-55 of the General Laws entitled "Tax Incentives for Employers"

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is hereby amended by adding thereto the following section:

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     44-55-8. Opting out of the domestic production deduction. – All corporations doing

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business in the State of Rhode Island shall add back into their taxable income any amount

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deducted under the federal "domestic production deduction" also known as section 199 of the

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federal Internal Revenue Code. State tax forms shall be changed if needed in order to comply

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with this statute.

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     SECTION 2. This act shall take effect upon passage.

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LC01706

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION -- TAX INCENTIVES FOR EMPLOYERS

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     This act would require all Rhode Island corporations to opt out of the domestic

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production deduction, to add back any amount to their income they would deduct under this

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deduction. State forms would be changed in order to comply with this statute.

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     This act would take effect upon passage.

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LC01706

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