Terms Used In Rhode Island General Laws > Chapter 44-48.3 - Rhode Island New Qualified Jobs Incentive Act 2015

• Business: means an applicant that is a 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 or surety company, limited liability company, partnership or sole proprietorship. See Rhode Island General Laws 44-48.3-3
• Commerce corporation: means the Rhode Island commerce corporation established pursuant to chapter 64 of Title 42. See Rhode Island General Laws 44-48.3-3
• Commitment period: means the period of time that at a minimum is twenty percent (20%) greater than the eligibility period. See Rhode Island General Laws 44-48.3-3
• 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.
• Eligibility period: means the period in which a business may claim a tax credit under the program, beginning at the end of the tax period in which the commerce corporation issues a certification for the business that it has met the employment requirements of the program and extending thereafter for a term of not more than ten (10) years. See Rhode Island General Laws 44-48.3-3
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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 at least thirty-five (35) hours a week, or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for at least thirty-five (35) hours a week, and whose wages are subject to withholding. See Rhode Island General Laws 44-48.3-3
• full-time job: means a full-time position in a business which has been filled with a full-time employee who earns no less than the median hourly wage as reported by the United States Bureau of Labor Statistics for the state of Rhode Island, provided, that for economically fragile industries such as manufacturing, the commerce corporation may reduce the wage threshold. See Rhode Island General Laws 44-48.3-3
• Hope community: means municipalities with a percentage of families below the poverty level that is greater than the percentage of families below the poverty level for the state as a whole as determined by the United States Census Bureau's most recent American Community Survey. See Rhode Island General Laws 44-48.3-3
• Incentive agreement: means the contract between the business and the commerce corporation, which sets forth the terms and conditions under which the business shall be eligible to receive the incentives authorized pursuant to the program. See Rhode Island General Laws 44-48.3-3
• Incentive effective date: means the date the commerce corporation issues a certification for issuance of tax credit based on documentation submitted by a business pursuant to Rhode Island General Laws 44-48.3-3
• 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.
• New full-time job: means an eligible position created by the business that did not previously exist in this state and which is created after approval of an application to the commerce corporation under the program. See Rhode Island General Laws 44-48.3-3
• 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 44-48.3-3
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Program: means the incentive program established pursuant to this chapter. See Rhode Island General Laws 44-48.3-3
• 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.
• Targeted industry: means any industry identified in the economic development vision and policy promulgated under Rhode Island General Laws 44-48.3-3
• Taxpayer: means a business granted a tax credit under this chapter or such person entitled to the tax credit because the business is a pass through entity such as a partnership, S corporation, sole proprietorship or limited liability company taxed as a partnership. See Rhode Island General Laws 44-48.3-3
• Transit oriented development area: means an area in proximity to mass-transit infrastructure including, but not limited to, an airport, rail or intermodal facility 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 44-48.3-3
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8