§42-64.9-6.2  Impact analysis and periodic reporting. –


Published: 2015

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TITLE 42

State Affairs and Government

CHAPTER 42-64.9

Mill Building and Economic Revitalization Act

SECTION 42-64.9-6.2



   § 42-64.9-6.2  Impact analysis and periodic

reporting. –

(a) The council shall not designate any building as a certified building under

§ 42-64.9-5 or § 42-64.9-6 of this chapter until it has first

prepared and publicly released an analysis of the impact the proposed

investment will or may have on the state. The analysis shall be supported by

appropriate data and documentation and shall consider, but not be limited to,

the following factors:



   (i) The impact on the industry or industries in which the

applicant will be involved;



   (ii) State fiscal matters, including the state budget

(revenues and expenses);



   (iii) The financial exposure of the taxpayers of the state

under the plans for the proposed investment and negative foreseeable

contingencies that may arise therefrom;



   (iv) The approximate number of full-time, part-time,

temporary, seasonal and/or permanent jobs projected to be created, construction

and non-construction;



   (v) Identification of geographic sources of the staffing for

identified jobs;



   (vi) The projected duration of the identified construction

jobs;



   (vii) The approximate wage rates for each category of the

identified jobs;



   (viii) The types of fringe benefits to be provided with the

identified jobs, including healthcare insurance and any retirement benefits;



   (ix) The projected fiscal impact on increased personal income

taxes to the state of Rhode Island; and



   (x) The description of any plan or process intended to

stimulate hiring from the host community, training of employees or potential

employees, and outreach to minority job applicants and minority businesses.



   (b) The council shall monitor every impact analysis it

completes through the duration of any approved tax credit. Such monitoring

shall include annual reports made available to the public on the:



   (1) Actual versus projected impact for all considered

factors; and



   (2) Verification of all commitments made in consideration of

state incentives or aid.



   (c) Upon its preparation and release of the analysis required

by subsection (b) of this section, the council shall provide copies of that

analysis to the chairpersons of the house and senate finance committees, the

house and senate fiscal advisors, the department of labor and training and the

division of taxation. Any such analysis shall be available to the public for

inspection by any person and shall by published by the tax administrator on the

tax division website. Annually thereafter, through and including the second tax

year after any taxpayer has applied for and received a tax credit pursuant to

this chapter, the department of labor and training shall certify to the

chairpersons of the house and senate finance committees, the house and senate

fiscal advisors, the corporation and the division of taxation that: (i) the

actual number of new full-time jobs with benefits created by the tax credit,

not including construction jobs, is on target to meet or exceed the estimated

number of new jobs identified in the analysis above, and (ii) the actual number

of existing full-time jobs with benefits has not declined. For purposes of this

section, "full-time jobs with benefits" means jobs that require working a

minimum of thirty (30) hours per week within the state, with a median wage that

exceeds by five percent (5%) the median annual wage for full-time jobs in Rhode

Island and within the taxpayer's industry, with a benefit package that includes

healthcare insurance plus other benefits typical of companies within the

taxpayer's industry. The department of labor and training shall also certify

annually to the house and senate fiscal committee chairs, the house and senate

fiscal advisors, and the division of taxation that jobs created by the tax

credit are "new jobs" in the state of Rhode Island, meaning that the employees

of the project are in addition to, and without a reduction of, those employees

of the taxpayer currently employed in Rhode Island, are not relocated from

another facility of the taxpayer in Rhode Island or are employees assumed by

the taxpayer as the result of a merger or acquisition of a company already

located in Rhode Island. The certifications made by the department of labor and

training shall be available to the public for inspection by any person and

shall be published by the tax administrator on the tax division website.



   (d) The council, with the assistance of the taxpayer, the

department of labor and training, the department of human services and the

division of taxation shall provide annually an analysis of whether any of the

employees of the taxpayer has received RIte Care or RIte Share benefits and the

impact such benefits or assistance may have on the state budget. This analysis

shall be available to the public for inspection by any person and shall be

published by the tax administrator on the tax division website. Notwithstanding

any other provision of law or rule or regulation, the division of taxation, the

department of labor and training and the department of human services are

authorized to present, review and discuss taxpayer-specific tax or employment

information or data with the council, the chairpersons of the house and senate

finance committees, and/or the house and senate fiscal advisors for the purpose

of verification and compliance with this tax credit reporting requirement.



   (e) Any agreements or contracts entered into by the council

and the taxpayer shall be sent to the division of taxation and be available to

the public for inspection by any person and shall be published by the tax

administrator on the tax division website.



   (f) By August 15th of each year the taxpayer shall report the

source and amount of any bonds, grants, loans, loan guarantees, matching funds

or tax credits received from any state governmental entity, state agency or

public agency as defined in § 37-2-7 received during the previous state

fiscal year. This annual report shall be sent to the division of taxation and

be available to the public for inspection by any person and shall be published

by the tax administrator on the tax division website.



   (g) By August 15th of each year the division of taxation

shall report the name, address, and amount of tax credit received for each

taxpayer during the previous state fiscal year to the council, the chairpersons

of the house and senate finance committees, the house and senate fiscal

advisors, the department of labor and training and the division of taxation.

This report shall be available to the public for inspection by any person and

shall be published by the tax administrator on the tax division website.



History of Section.

(P.L. 2008, ch. 165, § 5; P.L. 2008, ch. 173, § 5.)

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