reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.14 - TIF Payments

Current through June 14, 2024
A. The Total TIF
							Payment shall be paid in annual installments and shall be subject to
							appropriation.
B. An Annual TIF
							Payment shall not be allowed prior to the taxable year in which the Qualified
							Development Project is Placed in Service.
C. The Annual TIF Payment shall not exceed
							75% of the actual Incremental Revenues for the year corresponding to the Annual
							TIF Payment.
D. The Total TIF
							Payment received by any Applicant for a given Qualified Development Project
							shall not exceed the lesser of
1. thirty
							percent of the Project Cost as provided in the Application; or
2. thirty percent of the total Project Cost
							as certified by the Corporation pursuant to these Rules; provided, however,
							that the limitation of this Subsection shall not apply to projects for public
							infrastructure, a preexisting municipally-owned stadium of 10,000 seats or
							greater, or utilities.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.16 - Assignment of TIF Agreement

Current through June 14, 2024
A. A Developer that
							has entered into a TIF Agreement with the Corporation pursuant to this section
							may, upon notice to and consent of the Corporation, pledge and assign as
							security for any loan, any or all of its right, title and interest in and to
							the TIF Agreement and in the TIF Payments due thereunder, and the right to
							receive the same, along with the rights and remedies provided to the Developer
							under such agreement. Any such assignment shall be an absolute assignment for
							all purposes, including the federal bankruptcy code.
B. Any pledge of TIF payments made by the
							Developer shall be valid and binding from the time when the pledge is made and
							filed in the records of the Corporation. The TIF Agreement and payments so
							pledged and thereafter received by the Developer shall immediately be subject
							to the lien of the pledge without any physical delivery thereof or further act,
							and the lien of any pledge shall be valid and binding as against all parties
							having claims of any kind of tort, contact, or otherwise against the Developer
							irrespective of whether the parties have notice thereof.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.17 - Certification

Current through June 14, 2024
A. Prior to the issuance of any TIF payments,
							the Applicant must submit satisfactory evidence as determined in the sole
							discretion of the Corporation of the following:
1. actual Project Costs, as certified by a
							certified public accountant. If the actual Project Costs are less than the
							estimated Project Costs forming the bases for the approval of the TIF
							Incentive, then the awarded incentives shall be reduced based upon the actual
							Project Costs; and
2. evidence that
							the Qualified Development Project has been Placed in Service and/or meets such
							other criteria as imposed by the Board in its approving resolution.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.19 - Administration and Examination of Records

Current through June 14, 2024
The Corporation may examine any books, paper, records or
								memoranda bearing upon the approval of incentives awarded under the Act, and
								may require the attendance of any person executing any Application, report or
								other statement, or of any officer or employee of any taxpayer, or the
								attendance of any other person, and may examine such person under oath
								respecting any matter which the Corporation deems pertinent or material in
								determining eligibility for incentives claimed under the Act.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.20 - Inspection Rights

Current through June 14, 2024
The Corporation shall have the right at reasonable times to
								make an inspection and to enter upon any property that is the subject of an
								application for certification, whether the Qualified Development Project is
								ongoing, or completed, and during the term of a TIF Agreement to verify
								compliance with the Act, the Rules and such other conditions imposed by the
								Corporation.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.1 - Authority and Purpose

Current through June 14, 2024
7.1.1
Statutory Basis
R.I. Gen. Laws Chapter 44-43 authorizes tax incentives for
								certain small businesses and investors in small businesses. The Rhode Island
								Commerce Corporation must certify and recertify a "Qualified Business Entity"
								and a "Certified Venture Capital Partnership" for tax incentive
								eligibility.
7.1.2
Purpose
This rule establishes the procedures by which The Rhode
								Island Commerce Corporation will certify business entities for tax incentive
								eligibility under R.I. Gen. Laws Chapter 44-43.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.2 - Definitions

Current through June 14, 2024
A. For the purposes of these regulations, the
							following terms shall have the following meanings:
1. "Taxable year" means the year used by the
							taxpayer for federal tax purposes.
2. "Department" means the Rhode Island
							Commerce Corporation.
3. "Date
							business commenced" means the date the business started operations regardless
							of type of business entity.
4.
							"Investment" means the amount expended or to be expended in a qualifying
							business entity in the form of equity contributions which are neither secured
							nor guaranteed.
5. "Expended" means
							actual expenditure of funds; not future expenditure of borrowed
							funds.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.3 - Application for Certification and Recertification

Current through June 14, 2024
A.
							Application to the Rhode Island Commerce Corporation shall be made on forms
							prescribed by the Corporation. Applications shall be accepted for review only
							if completed and signed.
B.
							Eligibility for certification or re-certification shall be based only on
							information provided in the application and its attachments.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.4 - Decision on Eligibility

Current through June 14, 2024
A. The Director of
							the Rhode Island Commerce Corporation shall make a finding of
							eligibility.
B. Appeals from a
							decision on eligibility shall be made to a three-person Board composed of one
							representative of the Rhode Island Commerce Corporation and two representatives
							of the Department of Administration, one of whom shall be from the Division of
							Taxation. An appeal shall be made to the Director of the Rhode Island Commerce
							Corporation within 10 days of receiving notification of denial of eligibility.
							The request for appeal should state specifically the reasons the denial of
							eligibility was in error and provide evidence to that effect. Within 20 days of
							receipt of the request for appeal, the Director of the Rhode Island Commerce
							Corporation shall convene the Appeals Board to hear the appeal. The Chairman of
							the Appeals Board shall notify the appellant of the Board's decision within 10
							days. A majority decision of the board shall prevail. Appeals from the decision
							of the Board shall be in accordance with R.I. Gen. Laws §
										42-35-15.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.5 - Qualifying Business Entity (QBE)

Current through June 14, 2024
A. As defined by
							R.I. Gen. Laws Chapter 44-43, the following criteria will determine eligibility
							under the provisions of the Chapter.
1.
							Eligibility
a. Any corporation, partnership or
							other business entity or predecessor and successors of any such corporation,
							partnership or other business entity which meets all of the following
							criteria.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 7 - Rules and Regulations for Certification as a "Qualified Business Entity" or a "Certified Venture Capital Partnership" (870-RICR-30-00-7) › Section 870-RICR-30-00-7.6 - Certified Venture Capital Partnership

Current through June 14, 2024
A. Eligibility
1. Any partnership formed under the laws of
							Rhode Island meets the following criteria:
a.
							has at least three (3) partnerships each of whom has contributed at least five
							thousand dollars ($5,000) and who have contributed in the aggregate at least
							two hundred fifty thousand dollars ($250,000) to the partnership,
b. employs a professional manager who is an
							individual with prior experience managing venture capital funds,
c. is organized and operated to invest at
							least ninety percent (90%) of the amounts contributed to its capital in
							qualifying activities and is registered or exempt from registration under the
							securities laws of Rhode Island and
d. has bonded its employees to fully cover
							all funds received from partners.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.1 - Purpose

Current through June 14, 2024
These rules and regulations are promulgated to set forth the principles, policies and practices of the Rhode Island Commerce Corporation in implementing and administering R.I. Gen. Laws Chapter 42-64.33, the Small Business Development Fund Act.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.2 - Authority

Current through June 14, 2024
These Rules are promulgated by the Rhode Island Commerce Corporation pursuant to R.I. Gen. Laws Chapters 42-64.33 and 42-64-7. These Rules have been prepared in accordance with the requirements of the Rhode Island Administrative Procedures Act, R.I. Gen. Laws Chapter 42-35.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.3 - Scope

Current through June 14, 2024
These Rules shall apply to any Application for a tax credit under the Act. Notwithstanding anything contained in these Rules to the contrary, the Rhode Island Commerce Corporation shall have and may exercise all general powers set forth in the Act that are necessary or convenient to effectuate its purposes, and these Rules shall be liberally construed so as to permit the Rhode Island Commerce Corporation to effectuate the purposes of the Act, the public interest, and other applicable State laws and regulations. The Rhode Island Commerce Corporation, upon an affirmative vote of its board of directors, may provide exemption from the application of such portion of these Rules as may be warranted by extenuating circumstances arising from such application, based upon the written recommendation of the staff of the Rhode Island Commerce Corporation delineating the reasons for such exemption.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.4 - Severability

Current through June 14, 2024
If any provision of these Rules, or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the validity of the remainder of the Rules shall not be affected thereby.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.8 - Fees

Current through June 14, 2024
A. An Applicant shall be charged a one-time, non-refundable Application fee by the Corporation of five thousand dollars ($5,000) and may be charged fees for ongoing administration in relation to an approved Application and a termination fee upon exit from the Program. The Corporation shall publish a fee schedule, as amended by the Corporation from time to time, on its website.
B. An Applicant will be required to make advance payment to the Corporation of the full amount of direct fees and costs paid to third-parties by the Corporation in relation to the consideration for approval of the Applicant's Application.
C. An Applicant shall make payment of all fees and costs within thirty (30) days of a request from the Corporation. If an Applicant fails to make timely payment after request by the Corporation, the Corporation may send a notice of default to the Applicant and provide the Applicant an additional thirty (30) days for payment of such fees and costs. If an Applicant fails to timely make payment of such fees and costs after a notice of default under this section, the Corporation shall be entitled to payment from the Bond or other approved surety for such amounts together with interest thereon from the date of the initial request for payment from the Corporation to the Applicant in the amount of twelve percent (12%) per annum.
D. An Application shall be deemed incomplete if any fee or cost for which the Corporation has made a request for payment to the Applicant remains unpaid.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.9 - Review Process

Current through June 14, 2024
A. Prior to consideration by the Board, each Application shall be reviewed to confirm compliance with the Corporation Act, the Act and these Rules.
1. In the case of an incomplete or deficient Application, the Corporation shall provide notice of a conditional rejection to the Applicant within thirty days.
2. The Applicant shall have fifteen days from the date of the notice of conditional rejection under §
											8.9(A)(1)     of this Part to provide all additional information to the Corporation or otherwise cure such deficiencies in the Application necessary to complete the Application.
a. If the Applicant fails to timely provide any additional information, the Application shall be deemed rejected without further action by the Corporation.
b. If the Applicant fails to timely provide all additional information to the Corporation or cure any deficiencies necessary to complete the Application, the Corporation shall provide a final notice of rejection and denial to the Applicant within thirty days after the deadline for submission under §
												8.9(A)(2)     of this Part. Upon the issuance of such final notice of rejection and denial, the Applicant shall only be eligible to submit a new Application with a new submission date.
c. If the Applicant timely provides all additional information to the Corporation and cures any deficiencies necessary to complete the Application, the Corporation shall provide a notice to the Applicant within thirty days after the deadline for submission under subsection §
												8.9(A)(2)     of this Part indicating that the staff of the Corporation has referred the matter to the Board for consideration and the Application shall be considered filed as of the original date of submission for the purposes of consideration by the Board.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.10 - Board Consideration of Application

Current through June 14, 2024
A. Upon referral from staff of the Corporation, the Board will determine whether the Application is complete and will consider, among other things, the following in making such determination:
1. Whether all information required by these Rules has been submitted by the Applicant; and
2. Whether the Business Plan is complete and satisfactory to the Board as determined in its discretion.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.11 - Certification

Current through June 14, 2024
A. After Board approval of an Application in accordance with §
										8.10     of this Part, the Corporation shall issue a Certification to the Applicant certifying that the proposed Equity Investment or Debt Investment qualifies as a Capital Investment under the Act, subject to the following limitation:
1. The Corporation shall certify no more than sixty-five million dollars ($65,000,000) in Capital Investment under the Act and no more than twenty million dollars ($20,000,000) of Capital Investment may be allocated to any individual Small Business Development Fund.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.12 - Capital Investment

Current through June 14, 2024
A. Within sixty (60) days of the Applicant receiving the Certification from the Corporation, the Capital Investment shall issue and the Small Business Development Fund shall receive cash in the amount of the certified amount from a Small Business Fund Investor and deposit the same in an account at a Depository Institution.
B. At least forty-five percent (45%) of the Small Business Fund Investor's Capital Investment shall be composed of capital raised by the Small Business Fund Investor from sources, including directors, members, employees, officer, and Affiliates of the Small Business Fund Investor, other than the amount of the capital invested by the allocatee claiming the tax credits in exchange for the allocation of tax credits; provided that at least ten percent (10%) of the Capital Investment shall be derived from the Small Business Investment Fund's managers.
C. The Applicant shall provide the Corporation with written evidence satisfactory to the Corporation of the receipt of the cash investment within sixty-five (65) days of the Applicant receiving notice of Certification.
D. If the Applicant does not receive the cash investment and issue the Capital Investment within sixty (60) days of the Applicant receiving the Certification from the Corporation, the Certification shall lapse, and the Applicant shall not issue the Capital Investment without reapplying to the Corporation for Certification.
E. Lapsed Certifications revert to the Corporation and shall be reissued pro rata to Applicants whose Capital Investment allocations were reduced pursuant to the Act and then in accordance with the Application process.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.13 - Request for Determination

Current through June 14, 2024
A. A Small Business Development Fund, before making a Qualified Investment, may request from the Corporation a written opinion as to whether the business in which it is proposed to invest is an Eligible Business.
B. The Corporation may promulgate an application form in relation to a Request for Determination.
C. The Corporation, not later than the fifteenth business day after the date of receipt of a complete Request for Determination, shall notify the Small Business Development Fund of its determination. The date of receipt of a Request for Determination can only be a business day that the Corporation is open for business.
D. If the Corporation fails to notify the Small Business Development Fund by the fifteenth business day after receipt of a Request for Determination of either its rejection of the Request for Determination as being incomplete or its determination of eligibility by mailing a notice to the registered agent on file for such entity with the Secretary of State or to such other address as the Corporation may have in its records for such entity or via email to the email address provided by the Applicant in connection with its Application, the business in which the Small Business Development Fund proposes to invest shall be considered an Eligible Business.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.14 - Reduction of Credit Allocation

Current through June 14, 2024
A. The Corporation shall reduce a tax credit allocation upon the occurrence of the following:
1. As of the date of filing a Request to Exit, the performance of the Small Business Development Fund's Qualified Investments have not resulted in a Positive Economic Impact as set forth in the approved Application; or
2. The Small Business Development Fund breaches the various covenants, representations and warranties certified in the Business Plan.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.15 - Recapture

Current through June 14, 2024
A. The Corporation, working in coordination with the Division of Taxation, may recapture, from any entity that claims a credit on a tax return, the credit allowed under the Act or these Rules if:
1. The Small Business Development Fund does not invest one hundred (100%) percent of its Capital Investment authority in Qualified Investments in this State within three (3) years of the first credit allowance date;
2. The Small Business Development Fund, after satisfying the requirements of §
											8.12(A)     of this Part, fails to maintain Qualified Investments equal to one hundred (100%) percent of its Capital Investment authority until the sixth anniversary of the initial credit allowance date. For the purposes of this subsection, a Qualified Investment is considered maintained even if the Qualified Investment was sold or repaid so long as the Small Business Development Fund reinvests an amount equal to the capital returned or recovered by the Small Business Development Fund from the original investment, exclusive of any profits realized, in other Qualified Investments in this State within twelve (12) months of the receipt of the capital. Amounts received periodically by a Small Business Development Fund shall be treated as continually invested in Qualified Investments if the amounts are reinvested in one or more Qualified Investments by the end of the following calendar year. A Small Business Development Fund shall not be required to reinvest capital returned from Qualified Investments after the fifth anniversary of the initial Credit Allowance Date, and the Qualified Investments shall be considered held continuously by the Small Business Development Fund through the sixth anniversary of the initial Credit Allowance Date;
3. The Small Business Development Fund, before exiting the Program in accordance with the Act and these Rules, makes a distribution or payment that results in the Small Business Development Fund having less than one hundred percent (100%) of its Capital Investment authority invested in Qualified Investments in this State or available for investment in Qualified Investments and held in cash and other marketable securities;
4. The Small Business Development Fund, before exiting the Program in accordance with the Act and these Rules, fails to make Qualified Investments in Minority Business Enterprises that when added together equal at least ten percent (10%) of the Small Business Development Fund's Capital Investment authority; or
5. The Small Business Development Fund violates §
											8.12(D)     of this Part.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.17 - Repayment

Current through June 14, 2024
A. If the number of Jobs Created or Jobs Retained by the Eligible Businesses that received Qualified Investments from the Small Business Development Fund, calculated pursuant to complete and accurate reports filed by the Small Business Development Fund and approved by the Corporation is:
1. Less than sixty percent (60%) of the amount projected in the approved Small Business Development Fund's Business Plan filed as part of its application for Certification under the Act and these Rules, then the State shall receive thirty percent (30%) of any distribution or payment to an equity or debt holder in an approved Small Business Development Fund made after its exit from the Program in excess of eligible distributions; or
2. Greater than sixty percent (60%) but less than one hundred percent (100%) of the amount projected in the approved Small Business Development Fund's Business Plan filed as part of its application for Certification under the Act and these Rules, then the State shall receive fifteen percent (15%) of any distribution or payment to an equity or debt holder in an approved Small Business Development Fund made after its exit from the Program in excess of Eligible Distributions.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.18 - Reporting

Current through June 14, 2024
A. The Small Business Development Fund shall report to the Corporation for each Equity Investment made the following within thirty (30) business days after such investment is made:
1. The date of the investment;
2. The amount of the investment;
3. The terms and/or nature of the investment;
4. The purpose of the investment;
5. The name, business address in this State and federal tax identification number for the Eligible Business;
6. The number of employees at the Eligible Business together with a copy of summary payroll records of the Eligible Business;
7. An aggregate listing of employees including the location at which such employees work and residential information sufficient to identify the economic impact of employees to the state of Rhode Island;
8. The amount of all other investments or loans made by any person or entity within a year preceding the investment made by the Small Business Development Fund;
9. Any expected or anticipated investments, grants and/or funding sources to be received by the Eligible Business within two hundred seventy days of the investment by the Small Business Development Fund inclusive of the amount, source of funding, the identity of the investor and contact information for the investor;
10. A detailed description of the mechanism adopted in conformance with §§
											8.6(A)(8)(m) and (n)     of this Part and its implementation by the Applicant in conformance with its Business Plan; and
11. Other information as required by the Corporation.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.19 - Administration and Examination of Records

Current through June 14, 2024
The Corporation may examine any books, paper, records or memoranda bearing upon the approval of an Applicant or the administration of the Program, and may require the attendance of any person executing any Application, report or other statement, or of any officer or employee of any taxpayer receiving funds from a Small Business Development Fund, or the attendance of any other person, and may examine such person under oath respecting any matter which the Corporation deems pertinent or material in determining eligibility claimed under the Act or in any way related to the administration of the Program including, but not limited to, the recapture provisions contained in the Act and these Rules.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 8 - Rules and Regulations for the Rhode Island Small Business Development Fund › Section 870-RICR-30-00-8.20 - Forms

Current through June 14, 2024
The Corporation may from time to time promulgate forms required to be used by Applicants or others in relation to the Corporation's administration of the Program.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.1 - Purpose

Current through June 14, 2024
These Rules and Regulations are promulgated to set forth the principles, policies and practices of the Rhode Island Commerce Corporation in implementing and administering the program pursuant to the Act, as defined herein.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.2 - Authority

Current through June 14, 2024
These Rules, as defined herein, are promulgated by the Rhode Island Commerce Corporation pursuant to R.I. Gen. Laws §§
										45-33.4-1(13)  and  42-64-7. These Rules have been prepared in accordance with the requirements of the Rhode Island Administrative Procedures Act, R.I. Gen. Laws Chapter 42-35.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.3 - Scope

Current through June 14, 2024
These Rules shall apply to any Application for an Award under the Act. Notwithstanding anything contained in these Rules to the contrary, the Rhode Island Commerce Corporation shall have and may exercise all general powers set forth in the Corporation Act that are necessary or convenient to effect its purposes, and these Rules shall be liberally construed so as to permit the Rhode Island Commerce Corporation to effectuate the purposes of the Act, the public interest, and other applicable State laws and Regulations. The Rhode Island Commerce Corporation, upon an affirmative vote of the Board, may provide exemption from the application of such portion of these Rules as may be warranted by extenuating circumstances arising from such application, based upon the written recommendation of the staff of the Rhode Island Commerce Corporation delineating the reasons for such exemption. The Corporation will provide notice of such exemption to the Division.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.4 - Severability

Current through June 14, 2024
If any provision of these Rules, or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the validity of the remainder of the Rules shall not be affected thereby.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.5 - Definitions

Current through June 14, 2024
A. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise.
1. "Act" means R.I. Gen. Laws Chapter 45-33.4.
2. "Applicant" means an entity and the City or Pawtucket Redevelopment Agency that jointly apply for Certification pursuant to these Rules, or, upon written authorization from the Corporation, the City or the Pawtucket Redevelopment Agency without joinder of another party.
3. "Application" means a document and additional materials in the form prescribed by the Corporation submitted by the Applicant to the Corporation as provided in this Part.
4. "Award" shall mean the award by the Board of an amount of Baseline Revenue.
5. "Baseline revenue" means the combined amount of existing tax revenues realized in the Districts pursuant to R.I. Gen. Laws §
											45-33.4-1(13), as established by the Division.
6. "Board" means the Board of Directors of the Corporation, or, at the election of such directors, a committee thereof.
7. "Certification" means the document issued to an Applicant by the Corporation certifying to the State Division of Taxation the amount of the Award and taxable year(s) in which such Award is payable, and such other information deemed appropriate by the Corporation.
8. "City" means the City of Pawtucket.
9. "Corporation" means the Rhode Island Commerce Corporation.
10. "Corporation act" means R.I. Gen. Laws Chapter 42-64.
11. "Districts" means the arts district, the ballpark district and the growth center district as defined in R.I. Gen. Laws §
											45-33.4-1.
12. "Division" means the Division of Taxation within the Department of Revenue.
12. "Incentive agreement" means an agreement between the Corporation and an Applicant setting forth the terms and conditions of an Award.
13. "Placed in service" means the earlier of:
a. Substantial construction or rehabilitation work has been completed which would allow for occupancy of an entire structure or some identifiable portion of a structure, as determined by the Corporation and set forth in the Incentive Agreement;
b. Receipt by an Applicant, of a certificate, permit or other authorization allowing for occupancy of the Project or some identifiable portion of the Project issued by the municipal or State authority having jurisdiction; or
c. For public improvements, as determined by the Corporation and set forth in the Incentive Agreement.
14. "Project" shall have the same meaning as set forth in the Act.
15. "State" means the State of Rhode Island.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.7 - Fees

Current through June 14, 2024
A. An Applicant shall be charged a one (1) time, non-refundable Application fee and may be charged fees for ongoing administration in relation to an approved Application and a termination fee upon exit from the Program. The Corporation shall not less than annually publish a fee schedule on its website commencing on or before December 31st of each year.
B. An Applicant may be required to make advance payment to the Corporation of the full amount of direct fees and costs paid to third (3rd) parties by the Corporation in relation to the consideration of the Applicant's Application.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.8 - Review Process

Current through June 14, 2024
A. Prior to consideration by the Board, each Application shall be reviewed to confirm compliance with the Corporation Act, the Act and these Rules, and the Corporation may reject any incomplete or deficient Application.
B. The Corporation may require the submission of additional information in connection with any incomplete or deficient Application or the revision of an Application and may permit the resubmission of an Application rejected as being incomplete or deficient.
C. Prior to recommending an Award to the Board for approval, the Corporation shall:
1. Review each Project to determine if it meets one (1) of the eligibility requirements set forth in R.I. Gen. Laws §
											45-33.4-1(13). This review shall include testing the validity of Project related financial information and assumptions through the use of financial models and, to the extent necessary, seeking input from third (3rd) party consultants; and
2. Notify the Division of any recommendation prior to making such recommendation to the Board of an Award for approval. The Division shall confirm that the recommended Award does not exceed the amount of available Baseline Revenue within five (5) business days from receipt of notice from the Corporation.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.9 - Discretion and Condition to Awards

Current through June 14, 2024
A. The Corporation shall not have any obligation to make any Award or grant any benefits under the Act or these Rules.
B. Any Award is subject to available funding from tax revenue collections, appropriation of funds and the execution of an economic activity taxes agreement, as defined in R.I. Gen. Laws §
										45-33.4-1(8).
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.10 - Board Consideration of Application

Current through June 14, 2024
A. Prior to Board consideration for approval of any Award, the following conditions shall be satisfied:
1. The Applicant has submitted a completed Application; and
2. The Chief Executive Officer of the Corporation has provided written confirmation to the Board of the satisfaction of one (1) or more of the eligibility criteria set forth in the Act.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.12 - Administration and Examination of Records

Current through June 14, 2024
The Corporation may examine any books, paper, records or memoranda bearing upon the approval of an Award or the administration of the Program, and may require the attendance of any person executing any Application, report or other statement, or of any Officer or employee of any taxpayer receiving funds from an Award, and may examine such person under oath respecting any matter which the Corporation deems pertinent or material in determining eligibility claimed under the Act or in any way related to the administration of the Program.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.13 - Inspection Rights

Current through June 14, 2024
A. The Corporation shall have the right at reasonable times to make an inspection and to enter upon any property that is the subject of an Application whether the Project is ongoing, or completed, and during the term of an Incentive Agreement to verify compliance with the Act, the Rules and such other conditions imposed by the Corporation.
B. The Corporation may share documents collected and/or submitted during the Application, Award, Certification, and Incentive Agreement process with the Division.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 9 - Rules and Regulations for the City of Pawtucket Downtown Redevelopment Project Act › Section 870-RICR-30-00-9.14 - Forms

Current through June 14, 2024
The Corporation may from time to time promulgate forms required to be used by Applicants or others in relation to the Corporation's administration of the Program.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.1 - Purpose

Current through June 14, 2024
The purpose of these rules (the "Rules") is to comply with the principles, policies and practices the State Purchases Act, R.I. Gen. Laws Chapter 37-2, and to set forth procedures to ensure fair and equitable treatment of all persons who deal with the Corporation's procurement system, increase economy in the Corporation's procurement activities by fostering effective competition, and to provide safeguards for the maintenance of a procurement system for the Corporation of quality, integrity and the highest ethical standards.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.2 - Authority

Current through June 14, 2024
The Corporation shall have and may exercise all general powers set forth in R.I. Gen. Laws §
										42-64.10-5, necessary or convenient to effect its purposes, which include the power to acquire and to dispose of real property, without the necessity of obtaining the approval of the state properties committee or otherwise complying with the provisions of the State Purchases Act.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.4 - Application of Rules

Current through June 14, 2024
A. These Rules shall apply to all expenditures of funds by the Corporation under a contract, except:
1. with respect to the acquisition, disposal, leasing, financing, and operation of real property and improvements,
2. with respect to contracts between the Corporation and the State and contracts between the Corporation and political subdivisions of the State or other governments, and
3. as otherwise provided by law.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.5 - Procurement Decisions of the Corporation

Current through June 14, 2024
Every determination required by these Rules shall be in writing and based upon written findings of fact by the Corporation. These determinations and written findings shall be retained in an official contract file in the Office of the Corporation pursuant to the records retention policies adopted by the Corporation from time to time.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.6 - Source Selection

Current through June 14, 2024
1.6.1
Methods of Source Selection
A. Except as otherwise authorized by law or by Rule of the Corporation, all contracts of the Corporation shall be awarded by:
1. Competitive sealed bidding, pursuant to § 1.6.2 of this Part; or
2. Competitive negotiation, pursuant to §§ 1.6.3 and 1.6.4 of this Part; or
3. Non-competitive negotiation, pursuant to § 1.6.5 of this Part; or
4. Small purchase procedures, pursuant to § 1.6.6 of this Part.
Rhode Island Code of Regulations › Title 880 - QUONSET DEVELOPMENT CORPORATION › Chapter 00 - N/A › Subchapter 00 - N/A › Part 1 - Principles and Policies of the Quonset Development Corporation for the Procurement of Supplies and Services (880-RICR-00-00-01) › Section 880-RICR-00-00-1.7 - Cancellation of Invitation for Bids and Requests for Proposals.

Current through June 14, 2024
A. The Chief Purchasing Officer may cancel an invitation for bids, a request for proposal, or negotiations in connection with the procurement of any supply, service, or construction item, or may reject all bids or proposals, if the Chief Purchasing Officer determines that such action is in the best interests of the Corporation. No such cancellation or rejection shall prevent the Chief Purchasing Officer from re-soliciting bids for the same supplies, services, or construction item on the same or different terms.