TITLE 42
State Affairs and Government
CHAPTER 42-64.30
Anchor Institution Tax Credit
SECTION 42-64.30-6
§ 42-64.30-6 Administration.
(a) To be eligible to receive a tax credit authorized by this chapter, an
existing Rhode Island business shall apply to the commerce corporation for
approval prior to the qualified business commencing a relocation search within
the state for a certification that the existing Rhode Island business qualifies
for tax credits under this chapter. Such approval shall require:
(1) That the qualified business has submitted a completed
application as developed by the commerce corporation;
(2) That the chief executive officer of the commerce
corporation provide written confirmation to the commerce corporation board that
(i) the commerce corporation has reviewed the application and any determination
regarding the potential impact on the qualified business's ability to promote
the retention and expansion of existing jobs, stimulate the creation of new
jobs, including good-paying jobs, attract new business and industry to the
state, and stimulate growth in real estate developments and/or businesses that
are prepared to make meaningful investment and foster job creation in the
state; and (ii) of the recommendation of the commerce corporation as to the
total credits to be awarded to the applicant; and
(3) That the secretary of commerce provide written
confirmation to the commerce corporation board that the recommendation of the
commerce corporation is consistent with the purposes of this chapter.
(b) The commerce corporation and the division of taxation
shall be entitled to rely on the facts represented in the application and upon
the certification of a certified public accountant licensed in the state of
Rhode Island with respect to the requirements of this chapter.
(c) The tax credits provided for under this chapter shall be
granted at the discretion of the commerce corporation.
(d) If information comes to the attention of the commerce
corporation at any time up to and including the last day of the eligibility
period that is materially inconsistent with representations made in an
application, the commerce corporation may deny the requested certification, or
revoke a certification previously given, with any processing fees paid to be
forfeited.
History of Section.
(P.L. 2015, ch. 141, art. 19, § 13.)