(a)  A business shall submit documentation indicating that it has met the employment requirements specified in the incentive agreement for certification of its tax credit amount within three (3) years following the date of approval of its application by the commerce corporation. The commerce corporation, after a finding of good cause, may grant two (2) six (6) month extensions of this deadline. In no event shall the incentive effective date occur later than four (4) years following the date of approval of an application by the commerce corporation.

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Terms Used In Rhode Island General Laws 44-48.3-7

  • 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
  • Incentive agreement: means the contract between the business and the commerce corporation, which sets forth the terms and conditions under which the business shall be eligible to receive the incentives authorized pursuant to the program. See Rhode Island General Laws 44-48.3-3
  • Incentive effective date: means the date the commerce corporation issues a certification for issuance of tax credit based on documentation submitted by a business pursuant to Rhode Island General Laws 44-48.3-3
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

(b)  Full-time employment for an accounting or privilege period shall be determined as the average of the monthly full-time employment for the period.

(c)  In conducting its annual review of a business, the commerce corporation may require a business to submit any information determined by the commerce corporation to be necessary and relevant to its review.

(d)  The credit amount for any tax period for which the documentation of a business’s credit amount remains uncertified as of a date one year after the closing date of that period shall be forfeited, although credit amounts for the remainder of the years of the eligibility period shall remain available to the business.

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