Section 42-64.33-1. – Short title.

§ 42-64.33-1. Short title. This chapter shall be known and may be cited as the “Rhode Island Small Business Development Fund.” History of Section.P.L. 2019, ch. 88, art. 12, § 10.

Section 42-64.33-2. – Definitions.

§ 42-64.33-2. Definitions. (a) As used in this chapter: (1) “Affiliate” means an entity that directly, or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with another entity. For the purposes of this chapter, an entity is “controlled by” another entity if the controlling entity holds, directly […]

Section 42-64.33-3. – Tax credit established.

§ 42-64.33-3. Tax credit established. (a) Upon making a capital investment in a small business development fund, a small business fund investor earns a vested right to a credit against the entity’s state tax liability that may be utilized on each credit allowance date of the capital investment in an amount equal to the applicable […]

Section 42-64.33-4. – Application, approval and allocations.

§ 42-64.33-4. Application, approval and allocations. (a) A small business development fund that seeks to have an equity or debt investment certified as a capital investment and eligible for credits under this chapter shall apply to the corporation. The corporation shall begin accepting applications within ninety (90) days of July 5, 2019. The small business […]

Section 42-64.33-5. – Tax credit recapture and exit.

§ 42-64.33-5. Tax credit recapture and exit. (a) The corporation, working in coordination with the division of taxation, may recapture, from any entity that claims a credit on a tax return, the credit allowed under this chapter if: (1) The small business development fund does not invest one hundred (100%) percent of its capital investment […]

Section 42-64.33-6. – Request for determination.

§ 42-64.33-6. Request for determination. A small business development fund, before making a qualified investment, may request from the corporation a written opinion as to whether the business in which it is proposed to invest is an eligible business. The corporation, not later than the fifteenth business day after the date of receipt of the […]

Section 42-64.33-7. – Reporting obligations.

§ 42-64.33-7. Reporting obligations. (a) Each small business development fund shall submit a report to the corporation on or before the fifth business day after the first, second, and third anniversaries of the closing date. The report shall provide documentation as to the small business development fund’s qualified investments and include: (1) A bank statement […]

Section 42-64.33-8. – Limitations.

§ 42-64.33-8. Limitations. The incentives provided under this chapter shall not be granted in combination with any other job-specific benefit provided by the state, the commerce corporation, or any other state agency, board, commission, quasi-public corporation, or similar entity without the express authorization of the commerce corporation. History of Section.P.L. 2019, ch. 88, art. 12, […]

Section 42-64.33-9. – Rules and regulations.

§ 42-64.33-9. Rules and regulations. The corporation and division of taxation may issue reasonable rules and regulations, consistent with this chapter, as are necessary to carry out the intent and purpose and implementation of the responsibilities under this chapter. History of Section.P.L. 2019, ch. 88, art. 12, § 10.