AN ACT RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT 2015 (Sunsets/discontinues the Jobs Development Act rate reduction as of July 1, 2026.)

S2624

2026 -- S 2624
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LC003267
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT
2015

Introduced By:
Senators Ujifusa, Bell, Euer, Murray, Mack, Acosta, Valverde, DiMario,
Lauria, and DiPalma

Date Introduced:
February 13, 2026

Referred To:
Senate Labor & Gaming
It is enacted by the General Assembly as follows:
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SECTION 1. Section 44-48.3-12 of the General Laws in Chapter 44-48.3 entitled "Rhode
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Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows:
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44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under
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the jobs development act.
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(a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 shall be discontinued
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effective July 1, 2015, except as provided in subsection (b) of this section
; provided, however, that
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all rate reductions provided pursuant to chapter 64.5 of title 42 will discontinue no later than July
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1, 2026
.
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(b) Any company that has qualified for a rate reduction pursuant to chapter 64.5 of title 42
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prior to July 1, 2015, shall be entitled to maintain the rate reduction in effect as of June 30, 2015,
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and no additional rate reduction shall be permitted. All obligations of the company required under
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chapter 64.5 of title 42 to retain a rate reduction shall remain in full force and effect.
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SECTION 2. Chapter 42-64.5 of the General Laws entitled "Jobs Development Act" is
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hereby amended by adding thereto the following section:
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42-64.5-9. Sunset.

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No credits shall be authorized to be reserved pursuant to this chapter after June 30, 2026.

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SECTION 3. This act shall take effect upon passage.
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO TAXATION -- RHODE ISLAND NEW QUALIFIED JOBS INCENTIVE ACT
2015
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This act would sunset/discontinue the Jobs Development Act rate reduction as of July 1,
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2026.
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This act would take effect upon passage.
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