§ 42-64.5-4 - Reduction rate schedule.
SECTION 42-64.5-4
§ 42-64.5-4 Reduction rate schedule.– (a) The amount of the rate reduction specified in § 42-64.5-3 for anyeligible company that is not a telecommunications company for each taxable yearending on or after July 1, 1995, shall be based upon the aggregate amount ofnew employment of the eligible company and its eligible subsidiaries for eachtaxable year, and shall be determined by multiplying the numerical equivalentof one-quarter of one percent (.25%) by the number of units of new employmentfor each taxable year through the taxable year ending in 1997 or, ifapplicable, the third taxable year following the base employment periodelection set forth in § 42-64.5-5; and for each taxable year thereafter,the number of units of new employment reported for the taxable year 1997 or, ifapplicable, the third taxable year following the base employment periodelection set forth in § 42-64.5-5; provided, however, the amount of eachrate reduction shall in no event be greater than six percent (6%).
(b) The amount of the rate reduction specified in §42-64.5-3 for any eligible company that is a telecommunications company shallbe based upon the aggregate amount of new employment of the eligible companyand its eligible subsidiaries for each taxable year and shall be determined inthe same manner as set forth in subsection (a) of this section, except that itshall be determined by multiplying the numerical equivalent of one-hundredth ofone percent (.01%) by the number of units of new employment and the amount ofeach rate reduction shall in no event be greater than one percent (1%).
(c) Notwithstanding any of the provisions of this chapter,where an eligible telecommunications company has one or more affiliatedentities that is an eligible company, the eligible company entitled to a ratereduction may assign its rate reduction, to be determined in the manner asprovided in subsection (b) of this section, to the eligible telecommunicationscompany. An entity that assigns the rate reduction shall not be eligible forthe rate reduction.