The rate of tax payable by an eligible life sciences company and each of its eligible subsidiaries for any taxable year beginning on or after January 1, 2011, on its net income pursuant to the provisions of subsection 44-11-2(a), shall be reduced by the amount specified in § 42-64.14-11; this rate reduction shall be applied annually once to those eligible life sciences companies which are permitted by law to file a consolidated state tax return or as part of a combined group and in the case of eligible companies not required by law to file consolidated state tax returns or as part of a combined group, then the rate reduction shall be applied annually to each eligible life sciences company and its eligible subsidiaries; provided, however, should any eligible life sciences company fail to maintain in any taxable year after 2014 or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.14-12, the number of units of new employment it reported for its 2014 tax year or, if applicable, the third taxable year following the base employment period election set forth in § 42-64.14-12, the rate reduction provided for in this chapter shall expire permanently.

History of Section.
P.L. 2011, ch. 245, § 3; P.L. 2011, ch. 267, § 3; P.L. 2014, ch. 145, art. 12, § 14.