Terms Used In Rhode Island General Laws > Chapter 5-38.4 - Cranston - Motor Vehicle Repair Businesses

• 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. See Rhode Island General Laws 42-64.33-2
• Applicable percentage: means zero percent (0%) for the first three (3) credit allowance dates, and twenty-one and one-half percent (21. See Rhode Island General Laws 42-64.33-2
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Capital investment: means any equity or debt investment in a small business development fund by a small business fund investor that:

  (i)  Is acquired after July 5, 2019, at its original issuance solely in exchange for cash;

  (ii)  Has one hundred percent (100%) of its cash purchase price used by the small business development fund to make qualified investments in eligible businesses located in this state within three (3) years of the initial credit allowance date; and

  (iii)  Is designated by the small business development fund as a capital investment under this chapter and is certified by the corporation pursuant to Rhode Island General Laws 42-64.33-2

• Commerce corporation: means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. See Rhode Island General Laws 42-64.28-2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the Rhode Island commerce corporation. See Rhode Island General Laws 42-64.33-2
• Credit allowance date: means the date on which a capital investment is made and each of the five (5) anniversary dates of the date thereafter. See Rhode Island General Laws 42-64.33-2
• Eligible business: means a business that, at the time of the initial qualified investment in the company:

  (i)  Has less than two hundred fifty (250) employees;

  (ii)  Has not more than fifteen million dollars ($15,000,000) in net income from the preceding tax year;

  (iii)  Has its principal business operations in this state; and

  (iv)  Is engaged in industries related to clean energy, biomedical innovation, life sciences, information technology, software, cyber physical systems, cybersecurity, data analytics, defense, shipbuilding, maritime, composites, advanced business services, design, food, manufacturing, transportation, distribution, logistics, arts, education, hospitality, tourism, or, if not engaged in the industries, the corporation makes a determination that the investment will be beneficial to the economic growth of the state. See Rhode Island General Laws 42-64.33-2

• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Jobs created: means a newly created position of employment that was not previously located in the state at the time of the qualified investment in the eligible business and requiring a minimum of thirty five (35) hours worked each week, measured each year by subtracting the number of full-time, thirty-five hours-per-week (35) employment positions at the time of the initial qualified investment in the eligible business from the monthly average of full-time, thirty-five hours-per-week (35) employment positions for the applicable year. See Rhode Island General Laws 42-64.33-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Manufacturer: shall mean any entity that:

  (i)  Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; or

  (ii)  Is described in codes 31-33 of the North American Industry Classification system, as revised from time to time. See Rhode Island General Laws 42-64.28-2

• Match: shall mean a funding match, or in kind services provided by a third party. See Rhode Island General Laws 42-64.28-2
• Minority business enterprise: means an eligible business which is certified by the Rhode Island office of diversity, equity and opportunity as being a minority or women business enterprise. See Rhode Island General Laws 42-64.33-2
• motor vehicle repair business: means any place, establishment, garage, outdoor work area, or work area enclosed within a building where repairs are made or caused to be made to motor vehicles, including engines, carburetors, brakes, transmissions, muffler systems, electrical systems, and general running gear of motor vehicles including autobody repairs; and including any used automobile dealership, but excluding any new automobile dealership. See Rhode Island General Laws 5-38.4-3
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Principal business operations: means the location where at least sixty percent (60%) of a business's employees work or where employees who are paid at least sixty percent (60%) percent of the business's payroll work. See Rhode Island General Laws 42-64.33-2
• Purchase price: means the amount paid to the small business development fund that issues a capital investment that shall not exceed the amount of capital investment authority certified pursuant to Rhode Island General Laws 42-64.33-2
• Qualified investment: means any investment in an eligible business or any loan to an eligible business with a stated maturity date of at least one year after the date of issuance, excluding revolving lines of credit and senior secured debt unless the eligible business has a credit refusal letter or similar correspondence from a depository institution or a referral letter or similar correspondence from a depository institution referring the business to a small business development fund; provided that, with respect to any one eligible business, the maximum amount of investments made in the business by one or more small business development funds, on a collective basis with all of the businesses' affiliates, with the proceeds of capital investments shall be twenty percent (20%) of the small business development fund's capital investment authority, exclusive of investments made with repaid or redeemed investments or interest or profits realized thereon. See Rhode Island General Laws 42-64.33-2
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Small business: means a business that is resident in Rhode Island, has its business facility located within the state, and employs five hundred (500) or fewer persons. See Rhode Island General Laws 42-64.28-2
• Small business development fund: means an entity certified by the corporation under Rhode Island General Laws 42-64.33-2
• Small business fund investor: means an entity that makes a capital investment in a small business development fund. See Rhode Island General Laws 42-64.33-2
• State: means the state of Rhode Island. See Rhode Island General Laws 42-64.33-2
• State tax liability: means any liability incurred by any entity under § 44-17-1 et seq. See Rhode Island General Laws 42-64.33-2
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8