Section 42-64.26-1. – Short title.

§ 42-64.26-1. Short title. This chapter shall be known as the “Stay Invested in RI Wavemaker Fellowship.” History of Section.P.L. 2015, ch. 141, art. 19, § 9.

Section 42-64.26-10. – Promotion by state agencies.

§ 42-64.26-10. Promotion by state agencies. (a) The commerce corporation and any other agencies engaging in education-related outreach shall integrate promotion of the program into existing educational opportunity outreach efforts to the extent possible in a manner consistent with the scope of the program and its centrality to the state’s efforts to raise educational attainment, […]

Section 42-64.26-11. – Program integrity.

§ 42-64.26-11. 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 and to safeguard the expenditure of public funds. History of Section.P.L. 2015, ch. 141, art. 19, § 9.

Section 42-64.26-12. – Sunset.

§ 42-64.26-12. Sunset. No incentives or credits shall be authorized pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 9; P.L. 2018, ch. 47, art. 12, § 8; P.L. 2019, ch. 88, art. 12, § 16; P.L. 2020, ch. 80, art. 1, § 28; P.L. 2021, ch. […]

Section 42-64.26-2. – Legislative findings.

§ 42-64.26-2. Legislative findings. The general assembly finds and declares: (1) A well-educated citizenry is critical to this state’s ability to compete in the national and global economies. (2) Higher education both benefits individual students and is a public good benefitting the state as a whole. (3) Excessive student loan debt is impeding economic growth […]

Section 42-64.26-3. – Definitions.

§ 42-64.26-3. Definitions. As used in this chapter: (1) “Applicant” means an eligible graduate who applies for a tax credit for education loan repayment expenses under this chapter. (2) “Award” means a tax credit awarded by the commerce corporation to an applicant as provided under this chapter. (3) “Commerce corporation” means the Rhode Island commerce […]

Section 42-64.26-4. – Establishment of funds — Purposes — Composition.

§ 42-64.26-4. Establishment of funds — Purposes — Composition. (a) There is hereby established the “Stay Invested in RI Wavemaker Fellowship Fund” to be administered by the commerce corporation as set forth in this chapter. (b) There is hereby established the “Healthcare Stay Invested in RI Wavemaker Fellowship Fund” to be administered by the commerce […]

Section 42-64.26-5. – Administration.

§ 42-64.26-5. Administration. (a) Application. An eligible graduate claiming an award under this chapter shall submit to the commerce corporation an application in the manner that the commerce corporation shall prescribe. (b) Upon receipt of a proper application from an applicant who meets all of the eligibility requirements, the commerce corporation shall select applicants on […]

Section 42-64.26-6. – Reporting.

§ 42-64.26-6. Reporting. (a) The commerce corporation shall require taxpayers to submit annual reports, in such form and on such dates as the commerce corporation shall require, in order to confirm that the taxpayer continues to meet all of the eligibility requirements of this chapter and as a prerequisite to funding any award of tax […]

Section 42-64.26-7. – Remedies.

§ 42-64.26-7. Remedies. (a) If an eligible graduate receiving an award under this chapter violates any provision of this chapter or ceases to meet the eligibility requirements of this chapter, the commerce corporation may, on reasonable notice: (1) Withhold further award until the taxpayer complies with the eligibility or other requirements of the award; or […]

Section 42-64.26-8. – Carry forward and redemption of tax credits.

§ 42-64.26-8. Carry forward and redemption of tax credits. (a) If the amount of the tax credit allowed under this chapter exceeds the taxpayer’s total tax liability for the year in which the credit is allowed, the amount of such credit that exceeds the taxpayer’s tax liability may be carried forward and applied against the […]

Section 42-64.26-9. – Implementation guidelines, rules, regulations.

§ 42-64.26-9. Implementation guidelines, rules, regulations. (a) The commerce corporation may adopt implementation guidelines, rules, and regulations pursuant to § 42-35-3 as are necessary for the implementation of this chapter. (b) The commerce corporation shall adopt guidelines to assure integrity and eliminate potential conflicts of interest in the issuing of awards. (c) The division of […]