(a)  There is hereby established the “Stay Invested in RI Wavemaker Fellowship Fund” to be administered by the commerce corporation as set forth in this chapter.

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Terms Used In Rhode Island General Laws 42-64.26-4

  • Applicant: means an eligible graduate who applies for a tax credit for education loan repayment expenses under this chapter. See Rhode Island General Laws 42-64.26-3
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Award: means a tax credit awarded by the commerce corporation to an applicant as provided under this chapter. See Rhode Island General Laws 42-64.26-3
  • Commerce corporation: means the Rhode Island commerce corporation established pursuant to chapter 64 of this title. See Rhode Island General Laws 42-64.26-3
  • 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.
  • education loan repayment expenses: means annual higher education loan repayment expenses, including, without limitation, principal, interest and fees, as may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to repay for attendance at a postsecondary institution of higher learning. See Rhode Island General Laws 42-64.26-3
  • Eligibility requirements: means the following qualifications or criteria required for an applicant to claim an award under this chapter:

    (i)  That the applicant shall have graduated from an accredited two-year (2), four-year (4) or graduate postsecondary institution of higher learning with an associate's, bachelor's, graduate, or post-graduate degree and at which the applicant incurred education loan repayment expenses;

    (ii)  That the applicant shall be a full-time employee with a Rhode Island-based employer located in this state throughout the eligibility period, whose employment is:

    (A)  For work in one or more of the following covered fields: life, natural or environmental sciences; computer, information or software technology; advanced mathematics or finance; engineering; industrial design or other commercially related design field; or medicine or medical device technology;

    (B)  As a teacher; or

    (C)  As a healthcare applicant. See Rhode Island General Laws 42-64.26-3

  • 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.
  • Fund: refers to the "Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to Rhode Island General Laws 42-64.26-3
  • Taxpayer: means an applicant who receives a tax credit under this chapter. See Rhode Island General Laws 42-64.26-3

(b) [Deleted by P.L. 2023, ch. 79, art. 7, § 10.]

(c)  The purpose of the fund is to expand employment opportunities in the state and to retain talented individuals in the state by providing tax credits in relation to education loan repayment expenses to applicants who meet the eligibility requirements under this chapter.

(d)  The fund shall consist of:

(1)  Money appropriated in the state budget to the fund;

(2)  Money made available to the fund through federal programs or private contributions; and

(3)  Any other money made available to the fund.

(e)  The fund shall be used to pay for the redemption of tax credits or reimbursement to the state for tax credits applied against the tax liability of any applicant who received an award. The fund shall be exempt from attachment, levy, or any other process at law or in equity. The director of the department of revenue shall make a requisition to the commerce corporation for funding during any fiscal year as may be necessary to pay for the redemption of tax credits presented for redemption or to reimburse the state for tax credits applied against a taxpayer‘s tax liability. The commerce corporation shall pay from the fund such amounts as requested by the director of the department of revenue necessary for redemption or reimbursement in relation to tax credits granted under this chapter.

History of Section.
P.L. 2015, ch. 141, art. 19, § 9; P.L. 2022, ch. 231, art. 9, § 10, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 10, effective June 16, 2023.