Section 42-64.21-1. – Short title.

§ 42-64.21-1. Short title. This act shall be known and may be cited as the “Rhode Island Tax Increment Financing Act of 2015.” History of Section.P.L. 2015, ch. 141, art. 19, § 4.

Section 42-64.21-2. – Legislative findings.

§ 42-64.21-2. Legislative findings. (a) It is hereby found and declared that due to long-term and short-term stagnant or declining economic trends in Rhode Island, businesses in the state have found it difficult to make investments that would stimulate economic activity and create new jobs for the citizens of the state. Moreover, such economic trends […]

Section 42-64.21-3. – Definitions.

§ 42-64.21-3. Definitions. As used in this chapter: (1) “Applicant” means a developer proposing to enter into a tax increment financing agreement under this chapter. (2) “Commerce corporation” means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. (3) “Developer” means a person, firm, corporation, partnership, association, political subdivision, or other entity […]

Section 42-64.21-4. – TIF program.

§ 42-64.21-4. TIF program. The commerce corporation shall establish a tax increment financing program for the purpose of encouraging qualified development projects in qualifying TIF areas. History of Section.P.L. 2015, ch. 141, art. 19, § 4.

Section 42-64.21-5. – Financing.

§ 42-64.21-5. Financing. (a) Up to the limits established in subsection (b) of this section and in accordance with a TIF agreement, the division of taxation shall pay to the developer incremental state revenues directly realized from projects or businesses operating in the qualifying TIF area from the taxes assessed and collected under chapters 11, […]

Section 42-64.21-6. – Agreements permitted.

§ 42-64.21-6. Agreements permitted. (a) The commerce corporation is authorized to enter into a TIF agreement with a developer for any qualified development project located within a qualifying TIF area. The TIF agreement between the commerce corporation and the developer shall contain a provision acknowledging that the benefits of said agreement, with the exception of […]

Section 42-64.21-7. – Program integrity.

§ 42-64.21-7. Program integrity. Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. History of Section.P.L. 2015, […]

Section 42-64.21-8. – Reporting requirements.

§ 42-64.21-8. Reporting requirements. (a) By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and incentive amount of each agreement entered into during the previous state fiscal year to the division of taxation. (b) By December 1, 2016, and each year thereafter, the division of taxation shall provide […]

Section 42-64.21-9. – Sunset.

§ 42-64.21-9. Sunset. The commerce corporation shall enter into no agreement under this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 4; P.L. 2018, ch. 47, art. 12, § 3; P.L. 2019, ch. 88, art. 12, § 11; P.L. 2020, ch. 80, art. 1, § 23; P.L. 2021, ch. […]