Terms Used In Rhode Island General Laws > Chapter 42-64.11 - Jobs Growth Act

• Average annual current employment: means , for any test period, the average daily number of full-time equivalent active employees employed within the state by an eligible company and its affiliated entities. See Rhode Island General Laws 42-64.11-2
• Base employment: means the average daily number of full-time active employees employed within the state by an eligible company and its affiliated entities for the calendar year preceding the calendar year in which the eligible company makes an initial application to be a certified company as provided in Rhode Island General Laws 42-64.11-2
• Certified company: means a provisionally-certified company or a fully certified company. See Rhode Island General Laws 42-64.11-2
• Compensation: means any income, capital gain or preference items realized by an employee in connection with the employee's service for an eligible company or affiliated entity provided that such compensation would (but for the modification provided by Rhode Island General Laws 42-64.11-2
• 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.
• Credit year: means any calendar year for which an eligible company has been certified under Rhode Island General Laws 42-64.11-2
• Eligible company: means any 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, manufacturing company, telecommunications company or surety company or an affiliated entity of any of the foregoing. See Rhode Island General Laws 42-64.11-2
• Eligible employee: means any full-time active employee having compensation at least equal to one hundred twenty-five percent (125%) of the average compensation of all employees in the state first performing services in the state for an eligible company or an affiliate entity after the date the eligible company files its initial application for certification; provided, however, that for any eligible company filing its initial application in 2005, "eligible employee" means any full-time active employee having compensation at least equal to one hundred-twenty five percent (125%) of the average compensation of all employees in the state first performing services in the state after June 1, 2005. See Rhode Island General Laws 42-64.11-2
• Full-time active employee: means any employee of an eligible company or an affiliate entity who works a minimum of thirty (30) hours per week within the state, with benefits typical to the industry of the employer. See Rhode Island General Laws 42-64.11-2
• Fully-certified company: means an eligible company that has been certified by the Rhode Island economic development corporation as meeting the criteria set forth in subsection 42-64. See Rhode Island General Laws 42-64.11-2
• New employment payroll: means the total compensation paid by an employer that is a certified company and its affiliated entities times a fraction, the numerator of which is its new employment and the denominator is its total number of full-time active employees. See Rhode Island General Laws 42-64.11-2
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Performance-based compensation: means any compensation paid by a certified company to an eligible employee in consideration of the achievement of individual or company performance-based goals, including, for example, but without limitation, bonuses, and income derived from employer-granted stock options. See Rhode Island General Laws 42-64.11-2
• Provisionally-certified company: means any company that has been certified under Rhode Island General Laws 42-64.11-2
• State: means the State of Rhode Island. See Rhode Island General Laws 42-64.11-2
• Test period: means , at the election of an eligible company as indicated in an updated application under subsection 42-64. See Rhode Island General Laws 42-64.11-2