Section 44-48.3-14. – Sunset.
§ 44-48.3-14. Sunset. No credits shall be authorized to be reserved pursuant to this chapter after December 31, 2023. History of Section.P.L. 2015, ch. 141, art. 19, § 15; P.L. 2018, ch. 47, art. 12, § 14; P.L. 2019, ch. 88, art. 12, § 22; P.L. 2020, ch. 80, art. 1, § 21; P.L. 2021, […]
Section 44-48.3-4. – Rhode Island qualified jobs incentive program.
§ 44-48.3-4. Rhode Island qualified jobs incentive program. (a) The Rhode Island qualified jobs incentive program is hereby established as a program under the jurisdiction of and shall be administered by the commerce corporation. The program may provide tax credits to eligible businesses for an eligibility period not to exceed ten (10) years. (b) An […]
Section 44-48.3-5. – Incentive agreement required prior to issuance of tax credits.
§ 44-48.3-5. Incentive agreement required prior to issuance of tax credits. (a) The commerce corporation shall require an eligible business to enter into an incentive agreement prior to the issuance of tax credits. The incentive agreement shall include, but shall not be limited to, the following: (1) A detailed description of the proposed job creation […]
Section 44-48.3-6. – Total amount of tax credit for eligible business.
§ 44-48.3-6. Total amount of tax credit for eligible business. (a) The base amount of the tax credit for an eligible business for each new full-time job shall be up to two thousand five hundred dollars ($2,500) annually. (b) The total tax credit amount shall be calculated and credited to the business annually for each […]
Section 44-48.3-7. – Documentation.
§ 44-48.3-7. Documentation. (a) A business shall submit documentation indicating that it has met the employment requirements specified in the incentive agreement for certification of its tax credit amount within three (3) years following the date of approval of its application by the commerce corporation. The commerce corporation, after a finding of good cause, may […]
Section 44-48.3-8. – Carry forward, transfer or redemption of tax credits, redemption fund.
§ 44-48.3-8. Carry forward, transfer or redemption of tax credits, redemption fund. (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 […]
Section 44-48.3-9. – Administration.
§ 44-48.3-9. Administration. (a) The commerce corporation may adopt implementation guidelines, directives, criteria, rules and regulations pursuant to chapter 35 of title 42 (“administrative procedures act”) as are necessary to implement this chapter, including, but not limited to: the enumeration of specific targeted industries; specific delineation of the incentive areas; the promulgation of procedures and […]
Section 44-48.3-10. – Limitations.
§ 44-48.3-10. 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. 2015, ch. 141, art. […]
Section 44-48.3-11. – Program integrity.
§ 44-48.3-11. 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, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program. At a minimum these […]
Section 44-48.3-12. – Discontinuance of further rate reductions and future beneficiaries under the jobs development act.
§ 44-48.3-12. Discontinuance of further rate reductions and future beneficiaries under the jobs development act. (a) The rate reduction(s) provided pursuant to chapter 64.5 of title 42 shall be discontinued effective July 1, 2015, except as provided in subsection (b) of this section. (b) Any company that has qualified for a rate reduction pursuant to […]