Rhode Island Business Climate Reform Act establishes a franchise tax, creates a court of chancery, and amends arbitration laws.

The Rhode Island Business Climate Reform Act introduces a franchise tax on corporations, LLCs, and partnerships. It establishes a court of chancery to handle equity actions and modifies arbitration laws, including provisions for anonymous limited liability companies. The act also eliminates the cap on the homestead estate exemption. The franchise tax is based on the number of shares issued, with a minimum tax for corporations. The court of chancery will have exclusive jurisdiction over equity matters, and the act includes provisions for appointing arbitrators and handling final awards.

Rhode Island Business Climate Reform Act establishes a franchise tax, creates a court of chancery, and amends arbitration laws.

The Rhode Island Business Climate Reform Act introduces a franchise tax on corporations, LLCs, and partnerships. It establishes a court of chancery to handle equity actions and modifies arbitration laws, including provisions for anonymous limited liability companies. The act also eliminates the cap on the homestead estate exemption. The franchise tax is based on the number of shares issued, with a minimum tax for corporations. The court of chancery will have exclusive jurisdiction over equity matters, and the act includes provisions for appointing arbitrators and handling final awards.