(a)  There shall be established a life sciences jobs incentive program which shall be administered by the I-195 redevelopment commission. The purpose of the program shall be to promote life sciences-related employment opportunities in the I-195 redevelopment district and to encourage health-related innovations by supporting and stimulating research and development, manufacturing and commercialization in the life sciences. Life sciences companies certified pursuant to subsection (b) shall be eligible for participation in the program.

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(b)  The commission may, upon a majority vote of the commission, certify a life sciences company, as defined by § 42-64.14-4 upon the timely receipt, as determined by the commission, of a certification proposal, which shall be treated as proprietary and confidential information, supported by independently verifiable information, signed under the pains and penalties of perjury by a person expressly authorized to contract on behalf of the life sciences company and which shall include, but not be limited to, an estimate of the projected new state revenue the life sciences company expects to generate during the period for which the company seeks certification, together with a plan, including:

(1)  Precise goals and objectives, by which the life sciences company proposes to achieve the projected new state revenue, including for each tax year;

(2)  An estimate of new commercial revenue that the state would not otherwise have received;

(3)  An estimate of the number of permanent full-time employees to be hired;

(4)  An estimate of the year in which the company expects to hire the employees;

(5)  An estimate of the projected average salaries of said employees;

(6)  An estimate of the projected taxable income pursuant to chapter 44-30 generated by said employees; and

(7)  An estimate of the methods by which the company shall obtain new employees and pursue a diverse workforce.

(c)  A certified life sciences company may, upon a majority vote of the commission and without further approval of the commerce corporation established pursuant to chapter 64 of this title, be eligible for the following benefits which shall be awarded by the commission:

(1)  Benefits from the life sciences jobs incentive program established by this section;

(2)  Innovation investment tax credit established pursuant to chapter 44-63, with this section satisfying the eligibility determination in section 3 of chapter 44-63;

(3)  Research and development expense credit established pursuant to chapter 44-32;

(4)  Research and development property credit established pursuant to chapter 44-32; and

(5)  Elective deduction for research and development facilities established pursuant to chapter 44-32;

(d)(1)  Certification granted pursuant to subsection (b) shall be valid for ten (10) years starting with the tax year in which certification is granted. Each certified life sciences company shall file an annual report with the commission detailing whether it has met the specific targets established in the proposal pursuant to subsection (b).

(2)  The certification of a life sciences company may be revoked by the commission after an investigation by the division of taxation and determination that representations made by the certified life sciences company in its certification proposal are materially at variance with the conduct of the life sciences company after receiving certification; provided, however, that the commission shall review the certified life sciences company at least annually; provided, further, that a project with an actual return on investment that is less than seventy percent (70%) of the return on investment projected in the certification proposal shall be deemed to contain a material variance for a revocation determination. If the commission determines not to revoke certification upon a finding that the actual return on investment for the project is less than seventy percent (70%), the commission shall provide its reasons for the decision in writing to the tax administrator, the governor, speaker of the house of representatives and the president of the senate. The commission shall post these reasons on the Internet for public access.

(3)  Under this subsection, revocation shall take effect on the first day of the tax year in which the commission determines that a material variance commenced. The tax administrator shall, as of the effective date of the revocation, disallow any credits, exemptions or other tax benefits allowed by the original certification of tax benefits under this section. The division of taxation shall issue regulations to recapture the value of any credits, exemptions or other tax benefits allowed by the certification under this section. If the original certification allowed sales and use tax exemptions pursuant to § 44-18-30 or were granted project status as defined in § 42-64-10 by the commission, the purchaser shall accrue use tax as of the date of revocation on a portion of the sales price on which exemption was claimed that is proportionate to the remaining useful life of the property.

(4)  Nothing in this subsection shall limit any legal remedies available to the state against any certified life sciences company.

(e)  The commission shall revoke the certification of a life sciences company when independent investigations conducted in two (2) consecutive years determine that representations made by the life sciences company in its project proposal are deemed materially at variance, pursuant to paragraph (2) of subsection (d).

(f)  No taxpayer may simultaneously utilize the tax provisions of this chapter and the tax provisions of title 42, chapter 64.5 of the general laws.

(g)  The commission, in consultation with the division of taxation, shall promulgate rules, regulations or guidelines necessary to carry out the provisions of this section.