Advanced Search

§42-64.30-6  Administration. –


Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
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.)