(a)  The Rhode Island qualified jobs incentive program is hereby established as a program under the jurisdiction of and shall be administered by the commerce corporation. The program may provide tax credits to eligible businesses for an eligibility period not to exceed ten (10) years.

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Terms Used In Rhode Island General Laws 44-48.3-4

  • Business: means an applicant that is a corporation, state bank, federal savings bank, trust company, national banking association, bank holding company, loan and investment company, mutual savings bank, credit union, building and loan association, insurance company, investment company, broker-dealer company or surety company, limited liability company, partnership or sole proprietorship. See Rhode Island General Laws 44-48.3-3
  • Commerce corporation: means the Rhode Island commerce corporation established pursuant to chapter 64 of Title 42. See Rhode Island General Laws 44-48.3-3
  • 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 business may claim a tax credit under the program, beginning at the end of the tax period in which the commerce corporation issues a certification for the business that it has met the employment requirements of the program and extending thereafter for a term of not more than ten (10) years. See Rhode Island General Laws 44-48.3-3
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • Program: means the incentive program established pursuant to this chapter. See Rhode Island General Laws 44-48.3-3
  • Targeted industry: means any industry identified in the economic development vision and policy promulgated under Rhode Island General Laws 44-48.3-3

(b)  An eligible business under the program shall be entitled to a credit against taxes imposed pursuant to chapters 11, 13, 14, 17 or 30 of title 44 as further provided under this chapter.

(c)  The minimum number of new full-time jobs required to be eligible for a tax credit under this program shall be as follows:

(1)  For a business in a targeted industry that employs not more than one hundred (100) full-time employees on the date of application to the commerce corporation, the creation of at least ten (10) new full-time jobs in this state;

(2)  For a business in a targeted industry that employs more than one hundred (100) full-time employees on the date of application to the commerce corporation, either the creation of new full-time jobs in this state in an amount not less than ten percent (10%) of the business’s existing number of full-time employees or the creation of at least one hundred (100) new full-time jobs in this state;

(3)  For a business in a non-targeted industry that employs not more than two hundred (200) full-time employees on the date of application to the commerce corporation, the creation of at least twenty (20) new full-time jobs in this state; or

(4)  For a business in a non-targeted industry that employs more than two hundred (200) full-time employees on the date of application to the commerce corporation, either the creation of new full-time jobs in this state in an amount not less than ten percent (10%) of the business’s existing number of full-time employees or the creation of at least one hundred (100) new full-time jobs in this state.

(d)  When a business applies for an incentive under this chapter, in order to assist the commerce corporation in determining whether the business is eligible for the incentives under this chapter, the business’s chief executive officer, or equivalent officer, shall attest under oath:

(1)  That any projected creation of new full-time jobs would not occur, or would not occur in the state of Rhode Island, but for the provision of tax credits under the program;

(2)  The business will create new full-time jobs in an amount equal to or greater than the applicable number set forth in subsection (c) of this section;

(3)  That the business’s chief executive officer, or equivalent officer, has reviewed the information submitted to the commerce corporation and that the representations contained therein are accurate and complete.

(e)  The commerce corporation shall establish, by regulation, the documentation an applicant shall be required to provide under this subsection. Such documentation may include documentation showing that the applicant could reasonably locate the new positions outside of this state, or that the applicant is considering locating the positions outside of this state, or that it would not be financially feasible for the applicant to create the positions without the tax credits provided in this chapter.

(f)  In the event that this attestation by the business’s chief executive officer, or equivalent officer, required under subsection (d) of this section is found to be willfully false, the commerce corporation may revoke any award of tax credits in their entirety, which revocation shall be in addition to any other criminal or civil penalties that the business and/or the officer may be subject to under applicable law. Additionally, the commerce corporation may revoke any award of tax credits in its entirety if the eligible business is convicted of bribery, fraud, theft, embezzlement, misappropriation, and/or extortion involving the state, any state agency or political subdivision of the state.

History of Section.
P.L. 2015, ch. 141, art. 19, § 15.