Terms Used In Rhode Island General Laws > Chapter 42-64.14 - The I-195 Redevelopment Act of 2011

• Adjusted current employment: means , for any taxable year ending on or after January 1, 2012, the aggregate of the average daily number of full-time equivalent active employees employed within the state by an eligible company and its eligible subsidiaries during each taxable year. See Rhode Island General Laws 42-64.14-4
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affiliated entity: means any corporation or other business entity owned or controlled by the same persons or shareholders or equity holders who own or control an eligible company. See Rhode Island General Laws 42-64.14-4
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Base employment: means the aggregate number of full-time equivalent active employees employed within the state by an eligible life sciences company and its eligible life sciences subsidiaries on January 1, 2011, or at the election of the eligible life sciences company, on an alternative date as provided by §?42-64. See Rhode Island General Laws 42-64.14-4
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Disaster: means an occurrence, natural or otherwise, which results in the destruction of sixty percent (60%) or more of an operating manufacturing business facility in this state, thereby making the production of products by the eligible life sciences company impossible and as a result active employees of the facility are without employment in that facility. See Rhode Island General Laws 42-64.14-4
• Eligible life sciences company: means a business corporation, partnership, firm, unincorporated association or other entity engaged in life sciences research, development, manufacturing or commercialization in the state, as further defined in this section, and any affiliate thereof, which is, or the members of which are, subject to taxation. See Rhode Island General Laws 42-64.14-4
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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.
• Full-time equivalent active employee: means any employee of an eligible life sciences company who:

  (i)  Works a minimum of thirty (30) hours per week within the state, or two (2) or more part-time employees whose combined weekly hours equal or exceed thirty (30) hours per week within the state; and

  (ii)  Earns no less than two hundred fifty percent (250%) of the hourly minimum wage prescribed by Rhode Island law; provided that the first tax year that an eligible life sciences company qualifies for a rate reduction pursuant to §?42-64. See Rhode Island General Laws 42-64.14-4

• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life sciences: means in advanced and applied sciences that expand the understanding of human physiology and have the potential to lead to medical advances or therapeutic applications including, but not limited to, agricultural biotechnology, biogenerics, bioinformatics, biomedical engineering, biopharmaceuticals, biotechnology, chemical synthesis, chemistry technology, diagnostics, genomics, image analysis, marine biology, marine technology, medical devices, nanotechnology, natural product pharmaceuticals, proteomics, regenerative medicine, RNA interference, stem cell research, veterinary science or computer and information technology. See Rhode Island General Laws 42-64.14-4
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• New employment: means for each taxable year the amount of adjusted current employment for each taxable year minus the amount of base employment, but in no event less than zero (0); provided, however, no eligible company is permitted to transfer, assign or hire employees who are already employed within the state by such eligible company from itself or any affiliated entity or utilize any other artifice or device for the purpose of artificially creating new employees in order to qualify for the rate reduction provided for in this chapter. See Rhode Island General Laws 42-64.14-4
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• Rate reduction: means the reduction in tax rate specified in §?42-64. See Rhode Island General Laws 42-64.14-4
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• State: means the State of Rhode Island. See Rhode Island General Laws 42-64.14-4
• Statute: A law passed by a legislature.
• Units of new employment: means :

  (i)  For eligible life sciences companies which are not small business concerns, the number of full-time equivalent active employees divided by fifty (50), rounded down to the nearest multiple of fifty (50); and

  (ii)  For eligible life sciences companies which are small business concerns the amount of new employment divided by ten (10), rounded down to the nearest multiple of ten (10); provided, however, that an eligible life sciences company with adjusted current employment of one hundred (100) or more employees in its first year of operation or in any other period following the date its base employment is determined shall determine its units of new employment by dividing the first one hundred (100) employees less its base employment by ten (10), rounded down to the nearest multiple of ten (10), and by dividing the number of additional employees in excess of one hundred (100) by fifty (50), rounded down to the nearest multiple of fifty (50). See Rhode Island General Laws 42-64.14-4