Terms Used In Rhode Island General Laws > Chapter 42-64.20 - Rebuild Rhode Island Tax Credit

• Adaptive reuse: means the conversion of an existing structure from the use for which it was constructed to a new use by maintaining elements of the structure and adapting such elements to a new use. See Rhode Island General Laws 42-64.20-3
• Affiliate: means an entity that directly or indirectly controls, is under common control with, or is controlled by the business. See Rhode Island General Laws 42-64.20-3
• Affordable housing: means housing for sale or rent with combined rental costs or combined mortgage loan debt service, property taxes, and required insurance that do not exceed thirty percent (30%) of the gross annual income of a household earning up to eighty percent (80%) of the area median income, as defined annually by the United States Department of Housing and Urban Development. See Rhode Island General Laws 42-64.20-3
• Applicant: means a developer applying for a rebuild Rhode Island tax credit under this chapter. See Rhode Island General Laws 42-64.20-3
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Business: means a corporation as defined in § 44-11-1, or a partnership, an S corporation, a nonprofit corporation, a sole proprietorship, or a limited-liability corporation. See Rhode Island General Laws 42-64.20-3
• Certified historic structure: means a property located in the state of Rhode Island and is:

  (i)  Listed individually on the national register of historic places; or

  (ii)  Listed individually in the state register of historic places; or

  (iii)  Located in a registered historic district and certified by either the Rhode Island historical preservation and heritage commission created pursuant to § 42-45-2 or the Secretary of the United States Department of the Interior as being of historic significance to the district. See Rhode Island General Laws 42-64.20-3

• Commerce corporation: means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. See Rhode Island General Laws 42-64.20-3
• Commercial: shall mean nonresidential development. See Rhode Island General Laws 42-64.20-3
• 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.
• Developer: means a person, firm, business, partnership, association, political subdivision, or other entity that proposes to divide, divides, or causes to be divided real property into a subdivision or proposes to build or builds a building or buildings or otherwise improves land or existing structures, which division, building, or improvement qualifies for benefits under this chapter. See Rhode Island General Laws 42-64.20-3
• Development: means the improvement of land through the carrying out of building, engineering, or other operations in, on, over, or under land, or the making of any material change in the use of any buildings or land for the purposes of accommodating land uses. See Rhode Island General Laws 42-64.20-3
• Eligibility period: means the period in which a developer may claim a tax credit under this act, beginning with the tax period in which the commerce corporation accepts certification from the developer that it has met the requirements of the act and extending thereafter for a term of five (5) years. See Rhode Island General Laws 42-64.20-3
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Full-time employee: means a person who is employed by a business for consideration for a minimum of at least thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for a minimum of thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to withholding. See Rhode Island General Laws 42-64.20-3
• Hope community: means a municipality for which the five-year (5) average percentage of families with income below the federal poverty level exceeds the state five-year (5) average percentage, both as most recently reported by the U. See Rhode Island General Laws 42-64.20-3
• 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.
• Manufacturer: shall mean any entity that:

  (i)  Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; or

  (ii)  Is described in codes 31-33 of the North American Industry Classification System, as revised from time to time. See Rhode Island General Laws 42-64.20-3

• Mixed use: means a development comprising both commercial and residential components. See Rhode Island General Laws 42-64.20-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• 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.
• Partnership: means an entity classified as a partnership for federal income tax purposes. See Rhode Island General Laws 42-64.20-3
• 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.
• Placed in service: means the earlier of (i) Substantial construction or rehabilitation work has been completed that would allow for occupancy of an entire structure or some identifiable portion of a structure, as established in the application approved by the commerce corporation board; or (ii) Receipt by the developer of a certificate, permit, or other authorization allowing for occupancy of the project or some identifiable portion of the project by the municipal authority having jurisdiction. See Rhode Island General Laws 42-64.20-3
• Project: means qualified development project as defined under subsection (24). See Rhode Island General Laws 42-64.20-3
• Project cost: means the costs incurred in connection with the qualified development project or qualified residential or mixed use project by the applicant until the issuance of a permanent certificate of occupancy, or until such other time specified by the commerce corporation, for a specific investment or improvement, as defined through rules and regulations promulgated by the commerce corporation. See Rhode Island General Laws 42-64.20-3
• Project financing gap: means :

  (i)  The part of the total project cost that remains to be financed after all other sources of capital have been accounted for (the sources will include, but not be limited to, developer-contributed capital), which shall be defined through rules and regulations promulgated by the commerce corporation; or

  (ii)  The amount of funds that the state may invest in a project to gain a competitive advantage over a viable and comparable location in another state by means described in this chapter. See Rhode Island General Laws 42-64.20-3

• Qualified development project: means a specific construction project or improvement, including lands, buildings, improvements, real and personal property or any interest therein, including lands under water, riparian rights, space rights and air rights, acquired, owned, leased, developed or redeveloped, constructed, reconstructed, rehabilitated or improved, undertaken by a developer, owner or tenant, or both, within a specific geographic area, meeting the requirements of this chapter, as set forth in an application made to the commerce corporation. See Rhode Island General Laws 42-64.20-3
• 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.
• Recognized historical structure: means a property located in the state of Rhode Island and commonly considered to be of historic or cultural significance as determined by the commerce corporation in consultation with the state historic preservation officer. See Rhode Island General Laws 42-64.20-3
• Residential: means a development of residential dwelling units. See Rhode Island General Laws 42-64.20-3
• Targeted industry: means any advanced, promising, or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant to Rhode Island General Laws 42-64.20-3
• Transit-oriented development area: means an area in proximity to transit infrastructure that will be further defined by regulation of the commerce corporation in consultation with the Rhode Island department of transportation. See Rhode Island General Laws 42-64.20-3
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
• Workforce housing: means housing for sale or rent with combined rental costs or combined mortgage loan debt service, property taxes, and required insurance that do not exceed thirty percent (30%) of the gross annual income of a household earning between eighty percent (80%) and one hundred and forty percent (140%) of the area median income, as defined annually by the United States Department of Housing and Urban Development. See Rhode Island General Laws 42-64.20-3