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 corporation accepts certification by the Rhode Island business that it has played a substantial role in the decision of a qualified business to relocate to Rhode Island and extending thereafter for a term of five (5) years.

(3)  “Hope community” means a municipality for which the five (5) year average percentage of families with income below the federal poverty level exceeds the state five (5) year average percentage, both most recently reported by the U.S. Department of Commerce, Bureau of the Census.

(4)  “Qualified business” means an entity that supplies goods or services to a Rhode Island business or is a material service provider or a material customer of a Rhode Island business, or is an affiliate of such supplier, service provider or customer.

(5)  “Qualifying relocation” means a qualified business with the minimum number of employees as set forth in § 42-64.30-5(a)(1) and (2), which moves an existing facility to the state of Rhode Island or constructs a new facility to supply goods or services to a Rhode Island business.

(6)  “Rhode Island business” means a business enterprise physically located in, and authorized to do business in, the state of Rhode Island.

(7)  “Taking possession” means executing a lease, acquiring title or otherwise committing to occupy as defined by the commerce corporation.