Rhode Island General Laws 42-64.30-8. Anchor institution tax credit fund
There is hereby established at the commerce corporation a restricted account known as the Anchor Institution tax credit fund (the “fund”) in which all amounts appropriated for the redemption and/or reimbursement of tax credits under this chapter shall be deposited. The Fund shall be used to pay for the redemption of tax credits or reimbursement to the state for tax credits applied against a taxpayer’s liability. 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, § 13.
Terms Used In Rhode Island General Laws 42-64.30-8
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
- 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.