§ 42-64.22-1. Findings and declarations. The general assembly finds and declares: (a) The general assembly seeks to enact several economic stimulus laws to assist Rhode Island businesses and municipalities, including legislation providing incentives to encourage economic and real estate development and to create jobs throughout this state. (b) In order to encourage this economic growth, […]
§ 42-64.22-10. Approval. The commerce corporation’s approval of reimbursement to the qualifying or hope communities may be made in accordance with or conditional upon the conditions set forth under § 44-3-9 and other guidelines, criteria, and priorities that may be adopted by the commerce corporation. In order to distribute funds under the chapter, the commerce […]
§ 42-64.22-11. Restrictions. Nothing in this section shall be construed to interfere, restrict or prevent any qualifying community or hope community from granting tax stabilization agreements pursuant to § 44-3-9 or other applicable sections of title 44 of the general laws. History of Section.P.L. 2015, ch. 141, art. 19, § 5.
§ 42-64.22-12. Implementation guidelines, directives, criteria, rules, regulations. (a) The commerce corporation shall establish further guidelines, directives, criteria, rules and regulations in regards to the implementation of this chapter. (b) The adoption and implementation of rules and regulations shall be made pursuant to § 42-35-3 of the general laws as are necessary for the implementation […]
§ 42-64.22-13. 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, […]
§ 42-64.22-14. Reporting requirements. (a) By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and amount of each stabilization 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 […]
§ 42-64.22-15. 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, § 5; P.L. 2018, ch. 47, art. 12, § 4; P.L. 2019, ch. 88, art. 12, § 12; P.L. 2020, ch. 80, art. 1, § 24; P.L. 2021, ch. […]
§ 42-64.22-2. Definitions. As used in this chapter: (1) “Adaptive reuse” means the conversion of an existing structure from the use for which it was constructed to a new use by maintaining elements of the structure and adapting such elements to a new use. (2) “Affiliate” means an entity that directly or indirectly controls, is […]
§ 42-64.22-3. Establishment of program. (a) The Tax Stabilization Incentive Program is hereby created to provide incentives to Rhode Island municipalities to enter into qualifying property tax stabilization agreements in connection with qualifying projects set forth herein. (b) Under the program, qualified and Hope Communities in the state of Rhode Island that grant qualifying tax […]
§ 42-64.22-4. Incentives for municipalities. The qualifying community or hope community grants a qualifying tax stabilization agreement in connection with a qualifying project, upon certification by the commerce corporation and subject to availability of appropriated funds, the commerce corporation shall provide a partial reimbursement of no more than ten percent (10%) of the qualifying community […]
§ 42-64.22-5. Eligibility requirements for qualifying communities. In order for a qualifying community to be eligible to receive incentives under this chapter, in addition to the provisions set forth herein, the tax stabilization agreement must be for a qualified development project resulting in the creation of at least fifty (50) new full-time jobs, and the […]
§ 42-64.22-6. Eligibility requirements for hope communities. In order for a hope community to be eligible to receive incentives under this chapter, in addition to the provisions set forth herein, the tax stabilization agreement must be for a qualified development project resulting in the creation of at least twenty-five (25) new full-time jobs, and the […]
§ 42-64.22-7. Alternative eligibility requirements. (a) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a recognized historical structure or results in the creation of at least twenty (20) units of residential housing; provided that at least twenty percent (20%) […]
§ 42-64.22-8. Reimbursement. The aggregate value of all reimbursements approved by the commerce corporation pursuant to this chapter during the eligibility period shall not exceed the lesser of ten (10%) percent of the qualifying and/or hope communities’ forgone tax revenue or annual appropriations received by the commerce corporation for the program. History of Section.P.L. 2015, […]
§ 42-64.22-9. Applicability. The amounts subject to reimbursement under this chapter shall apply to any real and/or personal property tax abatement provided pursuant to a tax stabilization agreement, granted pursuant to § 44-3-9, after January 1, 2015. The amounts subject to reimbursement shall also include any reduction in the then current real property taxes and/or […]
