TITLE 42
State Affairs and Government
CHAPTER 42-64.26
Stay Invested in RI Wavemaker Fellowship
SECTION 42-64.26-3
§ 42-64.26-3 Definitions.
As used in this chapter:
(1) "Eligible graduate" means an individual who meets the
eligibility requirements under this chapter.
(2) "Applicant" means an eligible graduate who applies for a
tax credit for education loan repayment expenses under this chapter.
(3) "Award" means a tax credit awarded by the commerce
corporation to an applicant as provided under this chapter.
(4) "Taxpayer" means an applicant who receives a tax credit
under this chapter.
(5) "Commerce corporation" means the Rhode Island commerce
corporation established pursuant to chapter 64 of title 42.
(6) "Eligible expenses" or "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 post-secondary institution of higher learning.
(7) "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.
(8) "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 (2) year, four (4) year or graduate post-secondary 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 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.
(9) "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.
(10) "Service period" means a twelve (12) month period
beginning on the date that an eligible graduate receives initial notice of
award under this chapter.
(11) "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 post-secondary institution of higher
learning.
(12) "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.
(13) "Fund" refers to the "Stay Invested in RI Wavemaker
Fellowship Fund" established pursuant to § 42-64.26-4.
History of Section.
(P.L. 2015, ch. 141, art. 19, § 9.)
