Terms Used In Rhode Island General Laws > Chapter 42-64.5 - Jobs Development Act

• Adjusted current employment: means , for any taxable year ending on or after July 1, 1995, 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 42-64.5-2
• Affiliated entity: means any corporation owned or controlled by the same persons or shareholders who own or control an eligible company. See Rhode Island General Laws 42-64.5-2
• Base employment: means , except as otherwise provided in Rhode Island General Laws 42-64.5-2
• 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.
• 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 company impossible and as a result active employees of the facility are without employment in that facility. See Rhode Island General Laws 42-64.5-2
• 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 eligible subsidiary of any of the foregoing. See Rhode Island General Laws 42-64.5-2
• Eligible subsidiary: means each corporation eighty percent (80%) or more of the outstanding common stock of which is owned by an eligible company. See Rhode Island General Laws 42-64.5-2
• 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.
• Full-time equivalent active employee: means any employee of an eligible company who: (1) 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 (2) earns no less than one hundred fifty percent (150%) of the hourly minimum wage prescribed by Rhode Island law; provided, however, for tax years ending after the later of July 1, 2003 and the first tax year that an eligible company qualifies for a rate reduction pursuant to Rhode Island General Laws 42-64.5-2
• Initial new employment level: means the number of units of new employment reported by an eligible company in 1997, or, if applicable, the third taxable year following the base employment period election set forth in Rhode Island General Laws 42-64.5-2
• 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; 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 42-64.5-2
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Rate reduction: means the reduction in tax rate specified in Rhode Island General Laws 42-64.5-2
• Small business concern: means , except as otherwise provided in Rhode Island General Laws 42-64.5-2
• State: means the State of Rhode Island. See Rhode Island General Laws 42-64.5-2
• Telecommunications company: means any public service company or corporation whose rate of taxation is determined under § 44-13-4(4). See Rhode Island General Laws 42-64.5-2
• Units of new employment: means : (i) for eligible companies which are not small business concerns, the amount of new employment divided by fifty (50), rounded down to the nearest multiple of fifty (50), and (ii) for eligible 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 company (other than an eligible company that is a telecommunications 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 42-64.5-2