Rhode Island General Laws 42-64.20-9. Reporting requirements
(a) By August 1 of each year, each applicant receiving credits under this chapter shall report to the commerce corporation and the division of taxation the following information:
(1) The number of total full-time employees employed at the development;
(2) The total project cost;
(3) The total cost of materials or products purchased from Rhode Island businesses; and
(4) Such other reasonable information deemed necessary by the secretary of commerce.
Terms Used In Rhode Island General Laws 42-64.20-9
- Applicant: means a developer applying for a rebuild Rhode Island tax credit under this chapter. See Rhode Island General Laws 42-64.20-3
- Business: means a corporation as defined in § 44-11-1, or a partnership, an S corporation, a nonprofit corporation, a sole proprietorship, or a limited-liability corporation. See Rhode Island General Laws 42-64.20-3
- Commerce corporation: means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. See Rhode Island General Laws 42-64.20-3
- Commercial: shall mean nonresidential development. See Rhode Island General Laws 42-64.20-3
- 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.
- Development: means the improvement of land through the carrying out of building, engineering, or other operations in, on, over, or under land, or the making of any material change in the use of any buildings or land for the purposes of accommodating land uses. See Rhode Island General Laws 42-64.20-3
- 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.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Project: means qualified development project as defined under subsection (24). See Rhode Island General Laws 42-64.20-3
- Qualified development project: means a specific construction project or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, leased, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, undertaken by a developer, owner or tenant, or both, within a specific geographic area, meeting the requirements of this chapter, as set forth in an application made to the commerce corporation. See Rhode Island General Laws 42-64.20-3
- 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
(b) By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and amount of tax credit 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, and the chairpersons of the house and senate finance committees, the house and senate fiscal advisors, and the department of revenue. Such report shall include any determination regarding the potential impact on an approved qualified development project‘s ability to stimulate business development; retain and attract new business and industry to the state; create good-paying jobs for its residents; assist with business, commercial, and industrial real estate development; and generate revenues for necessary state and local governmental services.
(c) By October 1, 2016, and each year thereafter, the commerce corporation shall report the total number of approved projects, project costs, and associated amount of approved tax credits approved during the prior fiscal year. This report shall be available to the public for inspection by any person and shall be published by the commerce corporation on its website and by the secretary of commerce on the executive office of commerce website.
(d) By October 1 of each year the division of taxation shall report the name, address, and amount of tax credit received for each credit recipient during the previous state fiscal year. This report shall be available to the public for inspection by any person and shall be published by the tax administrator on the tax division website.
(e) By November 1 of each year the division of taxation shall report in the aggregate the information required under subsection (a). This report shall be available to the public for inspection by any person and shall be published by the tax administrator on the tax division website.
History of Section.
P.L. 2015, ch. 141, art. 19, § 3; P.L. 2023, ch. 294, § 3, effective June 22, 2023; P.L. 2023, ch. 295, § 3, effective June 22, 2023.