reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.22 - Tax Stabilization Incentive › Section 42-64.22-14. - Reporting requirements.

§ 42-64.22-14. Reporting requirements.
(a)
By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and amount of each stabilization agreement entered into during the previous state fiscal year to the division of taxation.
(b)
By December 1, 2016, and each year thereafter, the division of taxation shall provide the governor with the sum, if any, to be appropriated to fund the program. The governor shall submit to the general assembly printed copies of a budget including the total of the sums, if any, as part of the governor’s budget required to be appropriated for the program created under this chapter.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.22 - Tax Stabilization Incentive › Section 42-64.22-15. - Sunset.

§ 42-64.22-15. Sunset.
The commerce corporation shall enter into no agreement under this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5; P.L. 2018, ch. 47, art. 12, § 4; P.L. 2019, ch. 88, art. 12, § 12; P.L. 2020, ch. 80, art. 1, § 24; P.L. 2021, ch. 162, art. 9, § 6, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 6, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 6, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-1. - Short title.

§ 42-64.23-1. Short title.
This chapter shall be known as the “First Wave Closing Fund Act.”
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-2. - Legislative findings.

§ 42-64.23-2. Legislative findings.
The general assembly finds and declares:
(a)
It is hereby found and declared that due to long-term and short-term stagnant or declining economic trends in Rhode Island, businesses in the state have found it difficult to make investments that would stimulate economic activity and create new jobs for the citizens of the state. Moreover, such economic trends have caused business closures or out-of-state business relocations, while other out-of-state businesses are deterred from relocating to this state. This situation has contributed to a high rate of unemployment in the state. Consequently, a need exists to promote the retention and expansion of existing jobs, stimulate the creation of new 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 investments and foster job creation in Rhode Island.
(b)
Through the establishment of a first wave closing fund, Rhode Island can take steps to stimulate business development; retain and attract new business and industry to the state; create good-paying jobs for its residents; assist with business, commercial, and industrial real estate development; and generate revenues for necessary state and local governmental services.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-4. - Establishment of fund — Purposes — Composition.

§ 42-64.23-4. Establishment of fund — Purposes — Composition.
(a)
There is hereby established the first wave closing fund (the “fund”) to be administered by the commerce corporation as set forth in this chapter.
(b)
The purpose of the fund is to provide lynchpin financing unavailable from other sources, bringing to closure transactions that are of a critical or catalytic nature for Rhode Island’s economy and communities.
(c)
The fund shall consist of:
(1)
Money appropriated in the state budget to the fund;
(2)
Money made available to the fund through federal programs or private contributions;
(3)
Repayments of principal and interest from loans made from the fund;
(4)
Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;
(5)
Application or other fees paid to the fund to process requests for financial assistance;
(6)
Recovery made by the commerce corporation, or the sale of an appreciated asset in which the commerce corporation has acquired an interest under this chapter; and
(7)
Any other money made available to the fund.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-5. - Powers of commerce corporation.

§ 42-64.23-5. Powers of commerce corporation.
(a)
The commerce corporation board shall promulgate regulations setting forth criteria for approving awards under the fund and such criteria shall ensure that awards from the fund are economically advantageous to the citizens of Rhode Island. To qualify for the benefits of this chapter, an applicant shall submit an application to the commerce corporation. Upon receipt of a proper application from an applicant, the commerce corporation board may approve a loan, a conditional grant or other investment. In making each award, the commerce corporation shall consider, among other factors, the:
(1)
Economic impact of the project, including costs and benefits to the state;
(2)
The amount of the project financing gap;
(3)
Strategic importance of the project to the state, region, or locality;
(4)
Quality and number of jobs produced;
(5)
Quality of industry and project; and
(6)
Competitive offers regarding the project from another state or country.
(b)
The proceeds of the funding approved by the commerce corporation under this chapter may be used for (1) working capital, equipment, furnishings, and fixtures; (2) the construction, rehabilitation, and purchase of real property; (3) as permanent financing; or (4) such other purposes that the commerce corporation approves.
(c)
The commerce corporation shall have no obligation to make any award or grant any benefits under this chapter.
(d)
The commerce corporation shall publish a report on the fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of projects that have been completed using the fund. The report is due no later than sixty (60) days after the end of the fiscal year, and shall be provided to the speaker of the house of representatives and the president of the senate.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-6. - Implementation guidelines, directives, criteria, rules, regulations.

§ 42-64.23-6. Implementation guidelines, directives, criteria, rules, regulations.
The commerce corporation may adopt implementation guidelines, directives, criteria, rules and regulations pursuant to § 42-35-3 of the General Laws as are necessary for the implementation and administration of the fund.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-7. - Program integrity.

§ 42-64.23-7. Program integrity.
Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.23 - First Wave Closing Fund › Section 42-64.23-8. - Sunset.

§ 42-64.23-8. Sunset.
No financing shall be authorized to be reserved pursuant to this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 6; P.L. 2018, ch. 47, art. 12, § 5; P.L. 2019, ch. 88, art. 12, § 13; P.L. 2020, ch. 80, art. 1, § 25; P.L. 2021, ch. 162, art. 9, § 7, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 7, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 7, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-1. - Short title.

§ 42-64.24-1. Short title.
This chapter shall be known as the “I-195 Redevelopment Project Fund Act.”
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-2. - Legislative findings.

§ 42-64.24-2. Legislative findings.
The general assembly finds and declares:
(a)
That due to global economic trends, businesses in Rhode Island have found it difficult to invest in development projects and other significant capital investments in and surrounding the I-195 land within the city of Providence. Investment in such projects would stimulate economic activity, facilitate the creation of new jobs for the citizens of the state and promote economic growth and development.
(b)
Through the establishment of the I-195 redevelopment project fund, Rhode Island can take steps to attract and grow new businesses and industries to and for the state; create good-paying jobs for its residents; assist with business and real estate development; and generate revenues for necessary state and local governmental services.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-4. - Establishment of the fund — Uses — Composition.

§ 42-64.24-4. Establishment of the fund — Uses — Composition.
(a)
The I-195 Redevelopment Project Fund (the “fund”) is hereby established under the jurisdiction of and shall be administered by the commission in order to further the goals set forth in chapter 64.14 of this title and to promote, among other purposes, the development and attraction of advanced industries and innovation on and near the I-195 land in order to enhance Rhode Island’s economic vitality.
(b)
The uses of the fund include but are not limited to:
(1)
Contributing to capital investment requirements for anchor institutions or other catalytic project components chosen in accordance with a vision developed, by the commission for location on the I-195 land, adjacent and proximate parcels;
(2)
Filling project financing gaps for real estate projects on the I-195 land, adjacent and proximate parcels;
(3)
Financing land acquisition in areas adjacent to and proximate to the I-195 land including street rights of way and abandonment costs;
(4)
Financing public infrastructure and public facilities to support or enhance development including, but not limited to, transportation, parks, greenways, performance venues, meeting facilities, community facilities, and public safety precincts.
(c)
This statute shall not be construed as authorizing expenditure from this fund for the purpose of financing a stadium or other such facility built primarily for sporting activity.
(d)
The fund shall consist of:
(1)
Money appropriated in the state budget to the fund;
(2)
Money made available to the fund through federal programs or private contributions;
(3)
Repayments of principal and interest from loans made from the fund;
(4)
Proceeds from the sale, disposition, lease, or rental of collateral related to financial assistance provided under this chapter;
(5)
Application or other fees paid to the fund to process requests for financial assistance;
(6)
Recovery made by the commission or on the sale of an appreciated asset in which the commission has acquired an interest under this chapter; and
(7)
Any other money made available to the fund.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-5. - Assistance — Powers of commission — Reports.

§ 42-64.24-5. Assistance — Powers of commission — Reports.
(a)
An applicant seeking assistance under this chapter shall submit a request to the commission pursuant to an application procedure prescribed by the commission.
(b)
Any approval for funding under this chapter may only be granted by the commission and shall require the concurrence of the secretary of commerce.
(c)
The commission may set the terms and conditions for assistance under this chapter. Except as provided in subsection (b) of this section, any decision to grant or deny such assistance lies within the sole discretion of the commission.
(d)
The commission shall publish a report on the fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of projects that have been completed using the fund. The report is due no later than sixty (60) days after the end of the fiscal year, and shall be provided to the speaker of the house of representatives, the president of the senate and the secretary of commerce.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-6. - Implementation guidelines, directives, criteria, rules, regulations.

§ 42-64.24-6. Implementation guidelines, directives, criteria, rules, regulations.
The commission shall adopt implementation guidelines, directives, criteria, rules and regulations pursuant to § 42-35-3 of the general laws as are necessary for the implementation of the commission’s responsibilities under this chapter and impose such fees and charges as are necessary to pay for the administration and implementation of this program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-7. - Program integrity.

§ 42-64.24-7. Program integrity.
Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.24 - I-195 Redevelopment Project Fund › Section 42-64.24-8. - Sunset.

§ 42-64.24-8. Sunset.
No funding, credits, or incentives shall be authorized or authorized to be reserved pursuant to this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 7; P.L. 2018, ch. 47, art. 12, § 6; P.L. 2019, ch. 88, art. 12, § 14; P.L. 2020, ch. 80, art. 1, § 26; P.L. 2021, ch. 162, art. 9, § 8, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 8, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 8, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-1. - Short title.

§ 42-64.25-1. Short title.
This chapter shall be known as the “Small Business Assistance Program Act.”
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-2. - Statement of intent.

§ 42-64.25-2. Statement of intent.
The general assembly hereby finds and declares that small businesses are the economic backbone of the state and the source of a majority of new jobs. The general assembly further finds that too many such businesses often have difficulty obtaining capital from traditional banking organizations to start up, improve or expand operations. Providing greater access to capital would enable the formation and expansion of small businesses across the state and provide job opportunities to the state’s citizens. The purpose of this act is to assist small businesses that encounter difficulty in obtaining adequate credit or adequate terms for such credit. Among the small businesses that this act aims to assist are minority business enterprises and women-owned business enterprises.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-3. - Establishment of small business capital access fund.

§ 42-64.25-3. Establishment of small business capital access fund.
The small business capital access fund program is hereby created within the Rhode Island commerce corporation. The commerce corporation is authorized, within available appropriations, to provide direct assistance and/or partner with lending organizations to provide funding for loans to small businesses located in Rhode Island. As used in this chapter, a “small business” means a business that is resident in Rhode Island and employs two hundred (200) or fewer persons. The commerce corporation is authorized, from time to time, to establish rules and regulations for the administration of the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-4. - Qualifications of lending organizations.

§ 42-64.25-4. Qualifications of lending organizations.
The commerce corporation may elect to partner with an outside lending organization and authorize that organization to receive and administer program funds. Before partnering with an outside lending organization, the commerce corporation may identify eligible lending organizations through one or more competitive statewide or regional solicitations.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-5. - Program loan structures.

§ 42-64.25-5. Program loan structures.
Loan programs shall be structured by the commerce corporation that may include, but not be limited to, the following programs: (a) financing programs for companies that require additional capital outside of conventional senior debt or equity financing channels; (b) direct lending of subordinated and mezzanine debt; (c) collateral support in the form of credit enhancement; (d) pledge of cash collateral accounts to lending institutions to enhance collateral coverage of individual loans; and (e) technical assistance to small businesses.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-6. - Micro-loan allocation.

§ 42-64.25-6. Micro-loan allocation.
Notwithstanding anything to the contrary in this chapter, not less than ten percent (10%) and not more than twenty-five percent (25%) of program funds will be allocated to “micro loans” with a principal amount between two thousand dollars ($2,000) and twenty-five thousand dollars ($25,000). Micro loans will be administered by lending organizations, which will be selected by the commerce corporation on a competitive basis and shall have experience in providing technical and financial assistance to microenterprises.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8; P.L. 2018, ch. 47, art. 12, § 15.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-7. - Lending organization reports.

§ 42-64.25-7. Lending organization reports.
Any participating lending organizations shall submit to the commerce corporation annual reports stating the following: the number of program loans made; the amount of program funding used for loans; the use of loan proceeds by the borrowers; the number of jobs created or retained; a description of the economic development generated; the status of each outstanding loan; and such other information as the commerce corporation may require.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-8. - Audits.

§ 42-64.25-8. Audits.
The commerce corporation may conduct audits of any participating lending organization in order to ensure compliance with the provisions of this chapter, any regulations promulgated with respect thereto and agreements between the lending organizations and the commerce corporation on all aspects of the use of program funds and program loan transactions. In the event that the commerce corporation finds noncompliance, the commerce corporation may terminate the lending organization’s participation in the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-9. - Termination.

§ 42-64.25-9. Termination.
Upon termination of a lending organization’s participation in the program, the lending organization shall return to the commerce corporation, promptly after its demand therefor, an accounting of all program funds received by the lending organization, including a transfer of all currently outstanding loans that were made using program funds. Notwithstanding such termination, the lending organization shall remain liable to the commerce corporation with respect to any unpaid amount due from the lending organization pursuant to the terms of the commerce corporation’s provision of funds to the lending organization.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-10. - Discretion.

§ 42-64.25-10. Discretion.
The commerce corporation shall have no obligation to grant any loan under this chapter or provide any funding to a lending organization.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-11. - Limitations.

§ 42-64.25-11. Limitations.
(a)
The commerce corporation shall not grant any financial commitment from state program funds to any applicant in excess of seven hundred and fifty thousand ($750,000) dollars under this program.
(b)
The commerce corporation shall have no authority to award grants except to technical assistance providers under this program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-12. - Reporting requirements.

§ 42-64.25-12. Reporting requirements.
The commerce corporation shall publish a report on the small business capital access fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of projects that have been completed using the fund. The report is due no later than sixty (60) days after the end of the fiscal year, and shall be provided to the speaker of the house of representatives and the president of the senate.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-13. - Program integrity.

§ 42-64.25-13. Program integrity.
Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.25 - Small Business Assistance Program › Section 42-64.25-14. - Sunset.

§ 42-64.25-14. Sunset.
No grants, funding, or incentives shall be authorized pursuant to this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 8; P.L. 2018, ch. 47, art. 12, § 7; P.L. 2019, ch. 88, art. 12, § 15; P.L. 2020, ch. 80, art. 1, § 27; P.L. 2021, ch. 162, art. 9, § 9, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 9, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 9, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-1. - Short title.

§ 42-64.26-1. Short title.
This chapter shall be known as the “Stay Invested in RI Wavemaker Fellowship.”
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-2. - Legislative findings.

§ 42-64.26-2. Legislative findings.
The general assembly finds and declares:
(1)
A well-educated citizenry is critical to this state’s ability to compete in the national and global economies.
(2)
Higher education both benefits individual students and is a public good benefitting the state as a whole.
(3)
Excessive student loan debt is impeding economic growth in this state. Faced with excessive repayment burdens, many individuals are unable to start businesses, invest or buy homes, and may be forced to leave the state in search of higher paying jobs elsewhere.
(4)
Relieving student loan debt would give these individuals greater control over their earnings, would increase entrepreneurship and demand for goods and services, and would enable employers in this state to recruit and retain graduates in the fields of science, technology, engineering and mathematics.
(5)
The Stay Invested in RI Wavemaker Fellowship is designed to achieve the following goals:
(i)
Promote economic opportunity for people in this state by ensuring access to the training and higher education that higher-paying jobs require;
(ii)
Bring more and higher-paying jobs to this state by increasing the skill level of this state’s workforce;
(iii)
Offer educational opportunity and retraining to individuals impacted by job loss, workplace injury, disability or other hardship;
(iv)
Keep young people in the state through incentives for educational opportunity and creation of more high-paying jobs;
(v)
Encourage an entrepreneurial economy in Rhode Island; and
(vi)
Accomplish all of the goals in this chapter with as little bureaucracy as possible.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-4. - Establishment of funds — Purposes — Composition.

§ 42-64.26-4. Establishment of funds — Purposes — Composition.
(a)
There is hereby established the “Stay Invested in RI Wavemaker Fellowship Fund” to be administered by the commerce corporation as set forth in this chapter.
(b) [Deleted by P.L. 2023, ch. 79, art. 7, § 10.]
(c)
The purpose of the fund is to expand employment opportunities in the state and to retain talented individuals in the state by providing tax credits in relation to education loan repayment expenses to applicants who meet the eligibility requirements under this chapter.
(d)
The fund shall consist of:
(1)
Money appropriated in the state budget to the fund;
(2)
Money made available to the fund through federal programs or private contributions; and
(3)
Any other money made available to the fund.
(e)
The fund shall be used to pay for the redemption of tax credits or reimbursement to the state for tax credits applied against the tax liability of any applicant who received an award. The fund shall be exempt from attachment, levy, or any other process at law or in equity. The director of the department of revenue shall make a requisition to the commerce corporation for funding during any fiscal year as may be necessary to pay for the redemption of tax credits presented for redemption or to reimburse the state for tax credits applied against a taxpayer’s tax liability. The commerce corporation shall pay from the fund such amounts as requested by the director of the department of revenue necessary for redemption or reimbursement in relation to tax credits granted under this chapter.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9; P.L. 2022, ch. 231, art. 9, § 10, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 10, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-6. - Reporting.

§ 42-64.26-6. Reporting.
(a)
The commerce corporation shall require taxpayers to submit annual reports, in such form and on such dates as the commerce corporation shall require, in order to confirm that the taxpayer continues to meet all of the eligibility requirements of this chapter and as a prerequisite to funding any award of tax credits under this chapter.
(b)
Notwithstanding any other provision of law, no taxpayer shall receive an award without first consenting to the public disclosure of the receipt of any award given under this chapter. The commerce corporation shall annually publish a list of taxpayers receiving awards under this program, their postsecondary institution of higher learning, and their employer on the commerce corporation website and in such other locations as it deems appropriate.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-7. - Remedies.

§ 42-64.26-7. Remedies.
(a)
If an eligible graduate receiving an award under this chapter violates any provision of this chapter or ceases to meet the eligibility requirements of this chapter, the commerce corporation may, on reasonable notice:
(1)
Withhold further award until the taxpayer complies with the eligibility or other requirements of the award; or
(2)
Terminate the award.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-8. - Carry forward and redemption of tax credits.

§ 42-64.26-8. Carry forward and redemption of tax credits.
(a)
If the amount of the tax credit allowed under this chapter exceeds the taxpayer’s total tax liability for the year in which the credit is allowed, the amount of such credit that exceeds the taxpayer’s tax liability may be carried forward and applied against the taxes imposed for the succeeding four (4) years, or until the full credit is used, whichever occurs first.
(b)
The tax credit allowed under this chapter may be used as a credit against personal income taxes imposed under chapter 30 of title 44.
(c)
The division of taxation shall at the request of a taxpayer redeem such credits in whole or in part for one hundred percent (100%) of the value of the tax credit.
(d)
Any award issued pursuant to this chapter after January 1, 2021, shall be exempt from taxation under title 44 of the General Laws.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9; P.L. 2021, ch. 162, art. 9, § 10, effective July 6, 2021.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-9. - Implementation guidelines, rules, regulations.

§ 42-64.26-9. Implementation guidelines, rules, regulations.
(a)
The commerce corporation may adopt implementation guidelines, rules, and regulations pursuant to § 42-35-3 as are necessary for the implementation of this chapter.
(b)
The commerce corporation shall adopt guidelines to assure integrity and eliminate potential conflicts of interest in the issuing of awards.
(c)
The division of taxation may adopt implementation guidelines, directives, criteria, and rules and regulations pursuant to § 42-35-3 of the General Laws, as are necessary for the implementation of the division’s responsibilities under this chapter.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-10. - Promotion by state agencies.

§ 42-64.26-10. Promotion by state agencies.
(a)
The commerce corporation and any other agencies engaging in education-related outreach shall integrate promotion of the program into existing educational opportunity outreach efforts to the extent possible in a manner consistent with the scope of the program and its centrality to the state’s efforts to raise educational attainment, including, without limitation, promoting the program to Rhode Island permanent residents who enroll in accredited Rhode Island colleges or universities and receive financial aid in the form of student loans.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-11. - Program integrity.

§ 42-64.26-11. Program integrity.
Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein and to safeguard the expenditure of public funds.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.26 - Stay Invested in RI Wavemaker Fellowships › Section 42-64.26-12. - Sunset.

§ 42-64.26-12. Sunset.
No incentives or credits shall be authorized pursuant to this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 9; P.L. 2018, ch. 47, art. 12, § 8; P.L. 2019, ch. 88, art. 12, § 16; P.L. 2020, ch. 80, art. 1, § 28; P.L. 2021, ch. 162, art. 9, § 10, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 10, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 10, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-1. - Statement of intent.

§ 42-64.27-1. Statement of intent.
It is the intention of the general assembly to foster private-public partnerships in relation to improvement of streetscapes in local business districts by creating a funding program to stimulate investment in such improvements, thus enhancing the environment for business and attracting further investment.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-2. - Fund Established.

§ 42-64.27-2. Fund Established.
The main street RI streetscape improvement fund is hereby created within the Rhode Island commerce corporation. The commerce corporation is authorized, within available appropriations, to award loans, matching grants, and other forms of financing to facilitate improvement of streetscapes such as but not limited to: (1) Enhanced sidewalks; (2) New wayfinding signage; (3) Upgraded building facades; (4) Improved street and public space lighting; and (5) Technical assistance, in support of creating an environment for small business development and commerce. The commerce corporation shall include maximum amounts for awards for technical assistance in the rules and regulations promulgated pursuant to § 42-64.27-3. Applications and awards of grants or loans shall be on a rolling basis. There is established an account in the name of the “main street RI streetscape improvement fund” under the control of the commerce corporation, and the commerce corporation shall pay into such account any eligible funds available to the commerce corporation from any source, including funds appropriated by the state and any grants made available by the United States or any agency of the United States.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10; P.L. 2023, ch. 79, art. 7, § 11, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-3. - Rules and regulations.

§ 42-64.27-3. Rules and regulations.
The commerce corporation is hereby authorized to promulgate such rules and regulations as are necessary to fulfill the purposes of this chapter, including the criteria by which grant or loan applications will be judged and awarded.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-4. - Reporting requirements.

§ 42-64.27-4. Reporting requirements.
The commerce corporation shall publish a report on the main street RI streetscape improvement fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practicable, track the economic impact of projects that have been completed using the fund. The report is due no later than sixty (60) days after the end of the fiscal year, and shall be provided to the speaker of the house of representatives and the president of the senate.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-5. - Program integrity.

§ 42-64.27-5. Program integrity.
Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.27 - Main Street Rhode Island Streetscape Improvement Fund › Section 42-64.27-6. - Sunset.

§ 42-64.27-6. Sunset.
No incentives shall be authorized pursuant to this chapter after December 31, 2024.
History of Section.
P.L. 2015, ch. 141, art. 19, § 10; P.L. 2018, ch. 47, art. 12, § 9; P.L. 2019, ch. 88, art. 12, § 17; P.L. 2020, ch. 80, art. 1, § 29; P.L. 2021, ch. 162, art. 9, § 11, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 11, effective June 27, 2022; P.L. 2023, ch. 79, art. 7, § 11, effective June 16, 2023.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-1. - Legislative findings.

§ 42-64.28-1. Legislative findings.
(a)
While large enterprises have the expert personnel and financial resources to make strategic investments in innovation, few small businesses have the resources to do so. The resulting underinvestment in innovation stunts the growth of Rhode Island’s economy, inhibits the potential of small businesses and impedes local universities and other technological resources from providing technological input and other developmental assistance to such small businesses. It is the intention of the general assembly to foster innovation in small businesses and increase demand for technological services by creating an innovation initiative. This initiative will further advance the competitiveness of Rhode Island’s companies in the national and global economies and result in the creation and/or retention of jobs and tax revenues for the state.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-2. - Definitions.

§ 42-64.28-2. Definitions.
As used in this chapter:
(1)
“Commerce corporation” means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq.
(2)
“Manufacturer” shall mean any entity that:
(i)
Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; or
(ii)
Is described in codes 31-33 of the North American Industry Classification system, as revised from time to time.
(3)
“Match” shall mean a funding match, or in kind services provided by a third party.
(4)
“Small business” means a business that is resident in Rhode Island, has its business facility located within the state, and employs five hundred (500) or fewer persons.
(5)
“Small business manufacturer” shall mean a business that meets the definitions of terms small business and manufacturer as defined herein.
(6)
“Targeted industry” means any advanced, promising or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant to § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated, as identified by the commerce corporation.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-3. - Programs established.

§ 42-64.28-3. Programs established.
(a)
The Rhode Island commerce corporation shall establish a voucher program and an innovation network program as provided under this chapter. The programs are subject to available appropriations and such other funding as may be dedicated to the programs.
(b)
There is established an account in the name of the “innovation initiative fund” (the “fund”) under the control of the commerce corporation to fund the programs.
(1)
The fund shall consist of:
(i)
Money appropriated in the state budget to the fund;
(ii)
Money made available to the fund through federal grants, programs, or private contributions;
(iii)
Application or other fees paid to the fund to process applications for awards under this chapter; and
(iv)
Any other money made available to the fund.
(c) Voucher program.
The commerce corporation is authorized to develop and implement an innovation voucher program to provide financing to small businesses to purchase research and development support or other forms of technical assistance and services from Rhode Island institutions of higher education and other providers and to fund research and development by and for small business manufacturers.
(d) Innovation network program.
The commerce corporation is authorized to provide innovation grants to organizations, including nonprofit organizations, for-profit organizations, universities, and co-working space operators that offer technical assistance, space on flexible terms, and access to capital to businesses in advanced or targeted industries. The commerce corporation shall only issue grants under this subsection when those grants are matched by private-sector or nonprofit partners. The commerce corporation shall establish guidelines for appropriate matching criteria under this section, including necessary matching ratios.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-4. - Eligible uses.

§ 42-64.28-4. Eligible uses.
(a)
Vouchers available under this chapter shall be used for the benefit of small businesses to access technical assistance and other services including, but not limited to: research, technological development, product development, commercialization, market development, technology exploration, and improved business practices that implement strategies to grow business and create operational efficiencies.
(b)
Vouchers available under this chapter shall be used to provide funding to finance internal research and development by and for small business manufacturers, including, but not limited to: research, technological development, product development, commercialization, market development, technology exploration, and improved business practices that implement strategies to grow business and create operational efficiencies. Subject to appropriation, the commerce corporation shall reserve an amount not to exceed fifty percent (50%) of the voucher program’s annual appropriation to be made available in fiscal year 2018 for vouchers awarded to small business manufacturers under this subsection.
(c)
Matching fund awards shall be used for the benefit of small businesses in industries designated from time to time by the corporation, including without limitation: life science and healthcare, food and agriculture, clean technology and energy efficiency, and cyber security to pay for and access technological assistance, to procure space on flexible terms, and to access capital from organizations, including nonprofit organizations, for-profit organizations, universities, and co-working space businesses.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-5. - Qualification.

§ 42-64.28-5. Qualification.
(a)
To qualify for a voucher or for a matching fund award under this chapter, a business must make application to the commerce corporation, and upon selection, shall enter into an agreement with the commerce corporation. The commerce corporation shall have no obligation to issue any voucher, make any award, or grant any benefits under this chapter.
(b)
In a given tax year, a business shall not receive a voucher or matching-fund award provided for under this chapter in conjunction with the tax credit provided for in § 44-32-3.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1.
2023 Rhode Island General Laws › Title 42 - State Affairs and Government › Chapter 42-64.28 - Innovation Initiative › Section 42-64.28-6. - Voucher amounts and matching fund awards

§ 42-64.28-6. Voucher amounts and matching fund awards
(a)
Voucher award amounts to a selected applicant shall be determined by the corporation, to be in the minimum amount of five thousand dollars ($5,000) and the maximum amount of seventy-five thousand dollars ($75,000), subject to appropriations or other available moneys in the fund.
(b)
Matching fund awards shall be awarded to organizations in an amount approved by the corporation, subject to appropriations or other available moneys in the fund.
History of Section.
P.L. 2015, ch. 141, art. 19, § 11; P.L. 2023, ch. 79, art. 7, § 12, effective June 16, 2023.