Section 42-64.30-1. – Short title.

§ 42-64.30-1. Short title. This chapter shall be known and may be cited as the “Anchor Institution Tax Credit Act.” History of Section.P.L. 2015, ch. 141, art. 19, § 13.

Section 42-64.30-10. – Reports.

§ 42-64.30-10. Reports. (a) By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and amount of tax credit approved for each credit recipient during the previous state fiscal year to the governor, the speaker of the house of representatives, the president of the senate, the chairpersons of the […]

Section 42-64.30-11. – Sunset.

§ 42-64.30-11. Sunset. No credits shall be authorized to be reserved pursuant to this chapter after December 31, 2018. History of Section.P.L. 2015, ch. 141, art. 19, § 13.

Section 42-64.30-2. – Statement of intent.

§ 42-64.30-2. Statement of intent. It is to the advantage of the state of Rhode Island and its people to attract businesses to locate in Rhode Island thereby increasing the vitality of the Rhode Island economy. It is the intention of the general assembly to give existing Rhode Island businesses an incentive to encourage businesses […]

Section 42-64.30-3. – Definitions.

§ 42-64.30-3. Definitions. As used in this act: (1) “Commerce corporation” means the Rhode Island commerce corporation established pursuant to general laws § 42-64-1 et seq. (2) “Eligibility period” means the period in which a Rhode Island business may claim a tax credit under this act, beginning with the tax period in which the commerce […]

Section 42-64.30-4. – Establishment of anchor institution tax credit.

§ 42-64.30-4. Establishment of anchor institution tax credit. The tax credit program is hereby established as a program under the jurisdiction of the commerce corporation and shall be administered by the commerce corporation. The purposes of the program are to encourage economic development and job creation in connection with the relocation of qualified businesses to […]

Section 42-64.30-5. – Allowance of tax credits.

§ 42-64.30-5. Allowance of tax credits. (a) A Rhode Island business, upon application to and approval from the commerce corporation, shall be allowed a credit as set forth hereinafter against taxes imposed under applicable provisions of title 44 of the general laws for having played a substantial role in the decision of a qualified business […]

Section 42-64.30-6. – Administration.

§ 42-64.30-6. Administration. (a) To be eligible to receive a tax credit authorized by this chapter, an existing Rhode Island business shall apply to the commerce corporation for approval prior to the qualified business commencing a relocation search within the state for a certification that the existing Rhode Island business qualifies for tax credits under […]

Section 42-64.30-7. – Rules and regulations.

§ 42-64.30-7. Rules and regulations. The commerce corporation is hereby authorized to promulgate such rules and regulations as are necessary to fulfill the purposes of this chapter, including the criteria by which applications for tax credit will be evaluated and approved and to provide for repayment of credits received if the qualified business leaves Rhode […]

Section 42-64.30-8. – Anchor institution tax credit fund.

§ 42-64.30-8. Anchor institution tax credit fund. There is hereby established at the commerce corporation a restricted account known as the Anchor Institution tax credit fund (the “fund”) in which all amounts appropriated for the redemption and/or reimbursement of tax credits under this chapter shall be deposited. The Fund shall be used to pay for […]

Section 42-64.30-9. – Program integrity.

§ 42-64.30-9. 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, […]