Rhode Island General Laws 42-64.20-4. Establishment of program
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The rebuild Rhode Island tax credit program is hereby established as a program under the jurisdiction and administration of the commerce corporation. The program may provide tax credits to applicants meeting the requirements of this chapter for an eligibility period of five (5) years. On an annual basis, the commerce corporation shall confer with the executive office of commerce, the department of administration, and the division of taxation regarding the availability of funds for the award of new tax credits.
History of Section.
P.L. 2015, ch. 141, art. 19, § 3.
Terms Used In Rhode Island General Laws 42-64.20-4
- 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
- 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.
- Eligibility period: means the period in which a developer may claim a tax credit under this act, beginning with the tax period in which the commerce corporation accepts certification from the developer that it has met the requirements of the act and extending thereafter for a term of five (5) years. See Rhode Island General Laws 42-64.20-3
- 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.