Terms Used In Rhode Island General Laws > Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships

• Applicant: means an eligible graduate who applies for a tax credit for education loan repayment expenses under this chapter. See Rhode Island General Laws 42-64.26-3
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Award: means a tax credit awarded by the commerce corporation to an applicant as provided under this chapter. See Rhode Island General Laws 42-64.26-3
• Chambers: A judge's office.
• Commerce corporation: means the Rhode Island commerce corporation established pursuant to chapter 64 of this title. See Rhode Island General Laws 42-64.26-3
• 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.
• education loan repayment expenses: means annual higher education loan repayment expenses, including, without limitation, principal, interest and fees, as may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to repay for attendance at a postsecondary institution of higher learning. See Rhode Island General Laws 42-64.26-3
• Eligibility period: means a term of up to four (4) consecutive service periods beginning with the date that an eligible graduate receives initial notice of award under this chapter and expiring at the conclusion of the fourth service period after such date specified. See Rhode Island General Laws 42-64.26-3
• Eligibility requirements: means the following qualifications or criteria required for an applicant to claim an award under this chapter:

  (i)  That the applicant shall have graduated from an accredited two-year (2), four-year (4) or graduate postsecondary institution of higher learning with an associate's, bachelor's, graduate, or post-graduate degree and at which the applicant incurred education loan repayment expenses;

  (ii)  That the applicant shall be a full-time employee with a Rhode Island-based employer located in this state throughout the eligibility period, whose employment is:

  (A)  For work in one or more of the following covered fields: life, natural or environmental sciences; computer, information or software technology; advanced mathematics or finance; engineering; industrial design or other commercially related design field; or medicine or medical device technology;

  (B)  As a teacher; or

  (C)  As a healthcare applicant. See Rhode Island General Laws 42-64.26-3

• Eligible graduate: means an individual who meets the eligibility requirements under this chapter. See Rhode Island General Laws 42-64.26-3
• 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 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 42-64.26-3
• Fund: refers to the "Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to Rhode Island General Laws 42-64.26-3
• Healthcare applicant: means any applicant who meets the eligibility requirements and works as a full-time employee as a high-demand healthcare practitioner or mental health professional, including, but not limited to, clinical social workers and mental health counselors licensed by the department of health, and as defined in regulations to be promulgated by the commerce corporation, in consultation with the executive office of health and human services, pursuant to chapter 35 of this title. See Rhode Island General Laws 42-64.26-3
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Rhode Island-based employer: means : (i) An employer having a principal place of business or at least fifty-one percent (51%) of its employees located in this state; or (ii) An employer registered to conduct business in this state that reported Rhode Island tax liability in the previous tax year. See Rhode Island General Laws 42-64.26-3
• Service period: means a twelve-month (12) period beginning on the date that an eligible graduate receives initial notice of award under this chapter. See Rhode Island General Laws 42-64.26-3
• Student loan: means a loan to an individual by a public authority or private lender to assist the individual to pay for tuition, books, and living expenses in order to attend a postsecondary institution of higher learning. See Rhode Island General Laws 42-64.26-3
• Taxpayer: means an applicant who receives a tax credit under this chapter. See Rhode Island General Laws 42-64.26-3