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 1 - Rules and Regulations for the Wavemaker Fellowship Program › Section 870-RICR-30-00-1.14 - Discretion and Judicial Review

Current through June 14, 2024
A. The Corporation
				 shall not have any obligation to issue and Award or grant any benefits under
				 the Act or these Rules, and may decline to issue an Award to any Applicant,
				 including those who have submitted a completed Application that meets the
				 eligibility requirements of these Rules.
B. A review of an Application shall not
				 constitute a "contested case" under the Administrative Procedures Act, R.I.
				 Gen. Laws sect; 42-35-9, and no opportunity to object to an Application shall
				 be afforded, nor shall judicial review be available from a decision rendered by
				 the Corporation and/or the Fellowship Committee in connection with any
				 Application.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 1 - Rules and Regulations for the Wavemaker Fellowship Program › Section 870-RICR-30-00-1.15 - 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 the Applicant or any other person and may examine
					 such person under oath respecting any matter which the Corporation deems
					 pertinent or material in determining eligibility for an Award 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 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.1 - Purpose

Current through June 14, 2024
These rules and regulations (the "Rules") are promulgated
								to set forth the principles, policies and practices of the Rhode Island
								Commerce Corporation (the "Corporation") in implementing and administering R.I.
								Gen. Laws Chapter 42-64.22, the Tax Stabilization Incentive act (the
								"Act").
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.2 - Authority

Current through June 14, 2024
These Rules are promulgated pursuant to R.I. Gen. Laws
								Chapter 42-64.22. These Rules have been prepared in accordance with the
								requirements of R.I. Gen. Laws Chapter 42-35, the Rhode Island Administrative
								Procedures Act.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.3 - Scope

Current through June 14, 2024
A. These Rules shall apply to any application
							for an incentive under the Act. Notwithstanding anything contained in these
							Rules to the contrary, the Corporation shall have and may exercise all general
							powers set forth in the Act that are necessary or convenient to effect its
							purposes and these Rules shall be liberally construed so as to permit the
							Corporation to effectuate the purposes of the Act and other applicable state
							laws and regulations. The 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
							Corporation delineating the reasons for such exemption. An applicant seeking an
							exemption under this provision must demonstrate extenuating circumstances by
							showing either:
1. that the application of a
							component of these Rules is inconsistent with a requirement of federal, state,
							or local law; or
2. that the
							application of a component of these Rules is not feasible or appropriate for
							the given project type.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.4 - 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 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.6 - Eligibility

Current through June 14, 2024
A. Subject to appropriation, a Qualifying
							Community may be eligible to receive an incentive of up to ten percent (10%) of
							the Foregone Tax Revenue for a Qualifying Tax Stabilization Agreement for a
							Qualified Development Project that
1. results
							in the creation of at least fifty (50) new Full-Time Jobs, and for which the
							Developer shall commit a Capital Investment of not less than Ten Million
							Dollars ($10,000,000.00) towards the Project Cost; or
2. involves an Adaptive Reuse of a Recognized
							Historical Structure; or
3. results
							in the creation of at least twenty (20) units of Residential housing; provided
							that at least twenty percent (20%) of the Residential units are for Affordable
							or Workforce Housing; or
4.
							involves an Adaptive Reuse of a Certified Historic Structure, if such project:
a. has been certified by the State Historic
							Preservation Officer that the Adaptive Reuse will be consistent with the
							standards of the Secretary of the United States Department of the Interior for
							rehabilitation; and
b. results in
							the creation of at least twenty (20) units of Residential housing; provided
							that at least twenty percent (20%) of the Residential units are for Affordable
							or Workforce Housing.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.7 - Application

Current through June 14, 2024
A. Each Application made by an Applicant
							shall include, at a minimum, the following information:
1. The name, address and principal contact
							for the Applicant;
2. The location
							of the Qualified Development Project;
3. The terms of an existing or anticipated
							Qualifying Tax Stabilization Agreement;
4. For a Commercial or Mixed Use project,
							identification of prospective businesses that will occupy the project location,
							type of businesses, and principal products and services (if applicable or
							known);
5. For a Residential or
							Mixed Use project, a description of unit sizes/layouts projected sales/lease
							pricing, and affordability mix;
6.
							A construction schedule for the Qualified Development Project or each phase of
							such project;
7. A detailed
							itemization of the estimated Project Cost, if applicable;
8. A detailed itemization of the Capital
							Investment, if applicable;
9. A
							delineation of any other federal, State or local incentives, grants, tax
							credits or other aid that will or may be received or requested by the Business
							or an Affiliate of the Business in relation to the Project; and
10. Such other information as the Corporation
							deems appropriate.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.8 - Application Review and Approval

Current through June 14, 2024
A. Each Application
							shall be reviewed to confirm compliance with 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 Application or the revision of
							an Application, and may permit the resubmission of an Application rejected as
							being incomplete or deficient.
C.
							After submission of a complete Application and review by the Corporation in
							accordance with the requirements of the Act and these Rules, the Corporation
							will determine whether to award an incentive to the Applicant. In approving an
							incentive, the Corporation shall make the following findings in connection with
							approval of any award of incentives under the Act and these Rules:
1. that the total amount of the award to the
							Applicant is not more than ten percent (10%) of the Forgone Tax Revenue in
							relation to the Qualified Development Project; and
2. that the award of incentives is subject to
							the availability of funding from annual appropriations.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.9 - Incentive Agreement

Current through June 14, 2024
A. Upon approval of
							an award to an Applicant and in order to safeguard the expenditure of public
							funds and ensure that the disbursement of funds furthers the objectives of the
							Act, the Corporation and the Applicant will enter into an Incentive Agreement,
							which shall include, among others, the following terms:
1. The maximum amount of incentives
							awarded;
2. A provision that the
							incentives shall cease upon any termination or cessation of the Qualifying Tax
							Stabilization Agreement or upon exhaustion of funds appropriated for the
							program;
3. If applicable, a
							provision requiring that the receipt of the incentives for any given year be
							subject to the Qualified Development Project meeting any job creation
							requirements or any other conditions that the Corporation, in its sole
							discretion, shall set as a condition of its approval of an award to the
							Applicant;
4. Default and remedies
							including events, if any, that would trigger forfeiture, revocation,
							termination, and/or repayment of the awarded incentives;
5. Indemnification, insurance and other
							customary protective requirements;
6. Reporting requirements including, but not
							limited to, any requirements under the Act;
7. A certification procedure to insure that
							the Qualified Development Project meets the relevant eligibility criteria and
							any other criteria imposed by the Corporation in approving an award of
							incentives; and
8. Any other
							provisions that the Corporation determines are appropriate.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 2 - Rules and Regulations for the Tax Stabilization Incentive Program (870-RICR-30-00-2) › Section 870-RICR-30-00-2.10 - Discretion and Judicial Review

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. A review of
							an Application shall not constitute a "contested case" under R.I. Gen. Laws
							§
										42-35-9,
							the Administrative Procedures Act, and no opportunity to object to an
							Application shall be afforded, nor shall judicial review be available from a
							decision rendered by the Corporation in connection with any
							Application.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.1 - Purpose

Current through June 14, 2024
These rules and regulations (the "Rules") are jointly
								promulgated to set forth the principles, policies and practices of the Rhode
								Island Commerce Corporation and the Rhode Island Division of Taxation in
								implementing and administering R.I. Gen. Laws Chapter 42-64.20, the Rebuild
								Rhode Island Tax Credit Act (the "Act").
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.2 - Authority

Current through June 14, 2024
These Rules are jointly promulgated by the Rhode Island
								Commerce Corporation and the Rhode Island Division of Taxation pursuant to R.I.
								Gen. Laws Chapter 42-64.20. 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 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.3 - Scope

Current through June 14, 2024
These Rules shall apply to any application for an incentive
								under the Act. Notwithstanding anything contained in these Rules to the
								contrary, the Rhode Island Commerce Corporation and the Rhode Island Division
								of Taxation shall, respectively, have and may exercise all general powers set
								forth in the 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 and the Rhode Island Division of Taxation 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 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.4 - 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 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.6 - Eligibility

Current through June 14, 2024
A. In order for a Commercial Project to be
							eligible to be considered for a Tax Credit:
1.
							The total Project Cost must be $5,000,000 or more, unless the Project is
							located in a Hope Community or a redevelopment area designated as such in
							accordance with R.I. Gen. Laws §
											45-32-4,
							in which event the Corporation shall have the discretion to permit the total
							Project Cost to be less than $5,000,000;
2. The Project consists of at least 25,000
							square feet;
3. The Project, after
							being Placed In Service, is occupied by one or multiple Businesses employing at
							least 25 Full-Time Employees;
4.
							The Applicant's Equity in the Project is not less than twenty percent (20%) of
							the total Project Cost.
5. There is
							a Project Financing Gap such that the Project is not likely to be accomplished
							by private enterprise.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.7 - Tax Credit Amount

Current through June 14, 2024
A. A Tax Credit
							allowed pursuant to the Act and these Rules shall not exceed Fifteen Million
							Dollars ($15,000,000) for any Qualified Development Project. No building or
							Qualified Development Project to be completed in phases or in multiple projects
							shall exceed the maximum project credit of Fifteen Million Dollars
							($15,000,000) for all phases or projects involved in the rehabilitation of such
							building.
B. Tax Credits available
							under the Act and these Rules shall not exceed twenty percent (20%) of the
							Project Cost, provided, however, that the Applicant shall be eligible for
							additional Tax Credits of not more than ten percent (10%) of the Project Cost
							if the Qualified Development Project meets any of the following criteria:
1. The Project includes Adaptive Reuse or
							development of a Recognized Historical Structure;
2. The Project is undertaken by or for a
							Targeted Industry;
3. The Project
							is located in a Transit Oriented Development Area;
4. The Project includes Residential
							development of which at least twenty percent (20%) of the Residential units are
							designated as Affordable Housing or Workforce Housing, though the Corporation
							will grant preference to Applications that commit to maintain units as
							affordable for a longer period of time and at lower affordability
							levels;
5. The Project includes the
							Adaptive Reuse of property subject to the requirements of the industrial
							property remediation and reuse act, R.I. Gen. Laws §
											23-19.14-1,
et seq
.;
6. The
							Project includes Commercial facilities constructed in accordance with the
							minimum environmental and sustainability standards, as certified by the
							Corporation pursuant to LEED or other equivalent standards; or
7. Such other additional criteria determined
							by the Corporation from time to time in response to evolving economic or market
							conditions, which additional criteria shall be published not less than annually
							on the Corporation's website commencing not later than December 31,
							2015.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.9 - Fees

Current through June 14, 2024
A. An Applicant shall be charged a one-time,
							non-refundable application fee by the Corporation and may be charged fees for
							ongoing administration in relation to the Project if approved by the Board. The
							Corporation shall annually publish a fee schedule on its website commencing on
							or before December 31, 2015.
B. An
							Applicant may be required to pay to the Corporation the full amount of direct
							fees and costs paid to third-parties by the Corporation in relation to the
							consideration and/or approval of the Applicant's Project.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.10 - Review Process

Current through June 14, 2024
A. Each Application
							shall be reviewed to confirm compliance with 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 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 a Project to the Board for receipt of an incentive, the
							Corporation shall review each Project to determine if a Project Financing Gap
							exists. This review shall include testing the validity of the Applicant's
							financial information and assumptions through the use of financial models and,
							to the extent necessary, seeking input from third-party consultants.
D. After submission of a complete Application
							and review by the Corporation in accordance with the requirements of the Act
							and these Rules, the Corporation will determine whether to recommend to the
							Board that it approve a Tax Credit for the Applicant and the amount of the Tax
							Credit. In developing a recommendation, the Corporation may take into account,
							in consideration with other factors deemed relevant by the Corporation:
1. The evaluation of the Applicant's pro
							forma;
2. The Project's catalytic
							impact, impact on private investment, employment, and state and local revenues,
							and overall societal impact on the State;
3. The Project's relationship to other
							Projects awarded or anticipated to be awarded incentives under these Rules and
							the Act;
4. Whether the Project
							furthers State or municipal planning and development objectives, or
							both;
5. Whether the Project
							maximizes the value of vacant, dilapidated, outmoded, or underutilized
							property; and
6. Whether there
							exists an opportunity for the State or the Corporation to recoup or receive a
							return on all or portion of the sales tax exemption or Tax Credits to be issued
							to Applicant by virtue of a receipt of an equity stake or other interest in or
							return from the Project.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.11 - Discretion and Judicial Review

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. A review of
							an Application shall not constitute a "contested case" under the Administrative
							Procedures Act, R.I. Gen. Laws §
										42-35-9,
							and no opportunity to object to an Application shall be afforded, nor shall
							judicial review be available from a decision rendered by the Corporation or the
							Board in connection with any Application.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.12 - Board Approval

Current through June 14, 2024
A. Prior to Board
							consideration for approval of any Qualified Development Project the following
							conditions shall be satisfied:
1. The Chief
							Executive Officer of the Corporation has provided written confirmation to the
							Board a. that the Corporation has reviewed the Application and of any
							determination regarding the potential impact on the proposed Qualified
							Development Project's ability to stimulate business development, retain and
							attract new business and industry to the State; create jobs, including
							good-paying jobs, for its residents; assist with business, commercial and
							industrial real estate development and generate revenues for necessary state
							and local government services; and b. indicating the total Tax Credits to be
							awarded to the Applicant;
2. The
							Secretary of Commerce has provided written confirmation to the Board that the
							recommendation provided to the Chief Executive Officer of the Corporation is
							consistent with the purposes of the Act; and
3. The Director of the Office of Management
							and Budget has provided
a. written
							confirmation to the Board that the total Tax Credits recommended by the
							Corporation do not exceed the existing and anticipated revenue capacity of the
							State and its funding commitment described in R.I. Gen. Laws §
												42-64.20-7;
							and
b. an analysis of the fiscal
							impact, if any, in the year of Application and any subsequent
							year.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.14 - Certification

Current through June 14, 2024
A. Upon the Project being Placed In Service,
							the Applicant shall submit a certification of a certified public accountant
							licensed in the State, which shall be made pursuant to procedures set forth in
							the Incentive Agreement, evidencing that the Applicant has satisfied the
							conditions relating to the Project Costs, Applicant's Equity contribution, and
							any other requirements of the Incentive Agreement.
B. The Corporation may seek reasonable
							additional information from the Applicant to support the
							Certification.
C. Once the
							Corporation accepts the certification of the Applicant that it has satisfied
							the Project Costs, Applicant's Equity contribution, and any other applicable
							requirements of the Incentive Agreement, the Corporation shall issue a
							Certification to the Applicant providing that the Applicant is entitled to a
							Tax Credit for a specified year or years in an amount determined pursuant to
							the Incentive Agreement.
D. The
							Applicant shall then submit the Certification to the Division of Taxation and
							shall than receive a Tax Credit for the amount and tax year specified in the
							Certification subject to §
										3.14(E)     of
							this Part.
E. To the extent
							required in the Incentive Agreement, the Applicant shall, for each tax year in
							the Eligibility Period following the year of initial Certification, submit
							documentation to the Corporation, in a form prescribed in the Incentive
							Agreement, indicating that it has met any applicable requirements specified in
							the Incentive Agreement for that year.
F. In accordance with a procedure set forth
							in the Incentive Agreement, the amount of the annual Tax Credit otherwise
							available shall be reduced, or the Tax Credit for the given year be entirely
							forfeited, if the Applicant fails to meet any applicable requirements set forth
							in the Incentive Agreement for the given year.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.15 - Issuance of Tax Credit Certificates

Current through June 14, 2024
A. Upon the
							presentation to the Tax Division of a Certification issued by the Corporation
							to the Owner substantiating compliance with the terms of an Incentive Agreement
							and delineating the amount of Tax Credit assigned to each Participant, the Tax
							Division shall issue Tax Credit Certificates to the Owner or any eligible
							Initial Certificates' Holder in the amounts and for the years specifically set
							forth in the Certification and as agreed to by the Corporation in accordance
							with the requirements of R.I. Gen. Laws §
										42-64.20-5(h).
							At the election of the Corporation and as expressly provided in an Incentive
							Agreement, the Certification may provide for the issuance of all Tax Credit
							Certificates for each year of the Eligibility Period at one time and in such
							instance, the Tax Division shall issue all Tax Credit Certificates for all such
							years as provided in the Certification.
B. If the Owner or the Participant is a
							Pass-Through Entity, or if there are multiple Owners, the Tax Division may
							issue a Tax Credit Certificate to each Participant in such Pass-Through Entity
							or each Owner, indicating on the face of such Certificate(s) the amount of the
							Tax Credit allocable to such Participant. The amount assigned to each
							Participant will be the amount represented in the Certification for issuance of
							Tax Credit Certificates presented to the Tax Division.
C. The amount allocated to each Participant
							on the Tax Credit Certificate issued to such Participant must be either
1. in proportion to the number of
							Participants in the Owner or
2.
							determined in accordance with any allocation method set forth in an executed
							Allocation Agreement, which may be without regarding to their sharing of other
							tax or economic attributes of such entity. The Tax Division shall have no
							obligation to confirm the amount stated for each Participant in the Allocation
							Agreement.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.16 - Assignment of Tax Credits

Current through June 14, 2024
A. A Tax Credit
							Certificate may be assigned to any Person, provided that no Credit has been
							claimed based on the Tax Credit Certificate being assigned. The Tax Credit
							Certificate may be assigned by endorsing the assignment clause set forth on the
							Certificate and delivery of the original Certificate to the Assignee.
B. The Assignee may use the Tax Credit only
							to offset the actual tax imposed and those taxes permitted to be offset under
							the Act as delineated in the Incentive Agreement, for the taxable year in which
							the Tax Credit is issued or for taxable years to which the Tax Credit is
							permitted to be carried forward.
C.
							The original executed Tax Credit Certificate shall be attached to the tax
							return of the Owner, Participant or Assignee who desires to claim the Tax
							Credit. A Participant of a Pass-Through Entity who transfers its interest in
							the entity must also endorse and deliver the Tax Credit Certificate to the
							transferee if the transferee desires to claim the Tax Credit.
D. An Assignor of all or any portion of the
							Tax Credit shall notify the Tax Division in writing within thirty (30) calendar
							days following the effective date of such assignment. Attached to such written
							notification (the Notification of Assignment) shall be:
1. A copy of the Tax Credit Certificate,
							endorsed to the Assignee. The original Certificate shall not be included with
							the Notification of Assignment, which must be retained by the Assignee and
							attached to the Assignee's tax return for the year with respect to which the
							Tax Credit is claimed.
2. The name,
							address and telephone number of the Assignor and of the Assignee.
3. The taxpayer identification number or
							social security number of the Assignor and the Assignee.
4. For non-resident corporations,
							partnerships, limited liability companies, or other entities, the name and
							address of such entity's registered agent in the State and evidence of
							qualification to do business in the State.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.17 - Redemption of Tax Credits

Current through June 14, 2024
A. Upon request of a
							taxpayer holding a valid Tax Credit Certificate, the Tax Division shall redeem
							such credit in whole or in part for ninety percent (90%) of the value of the
							Tax Credit to the extent of available funds in the Rebuild Rhode Island Tax
							Credit Fund; provided that the taxpayer must qualify for a Letter of Good
							Standing in order to be eligible to redeem any portion of a credit.
B. A taxpayer seeking redemption of a Tax
							Credit Certificate shall file an application on the form prescribed by the Tax
							Division together with the original Tax Credit Certificate. The Tax Division
							shall pay the redemption amount within thirty (30) days of submission of a
							complete application by the taxpayer to the extent of available funds in the
							Rebuild Rhode Island Tax Credit Fund as certified by the Corporation. To the
							extent of any insufficiency of funds in the Rebuild Rhode Island Tax Credit
							Fund, the Tax Division shall either return the original Tax Credit Certificate
							to the taxpayer or issue a new Tax Credit Certificate for such partial amounts
							that are not redeemed by the Tax Division.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.18 - Revocation

Current through June 14, 2024
A. In the event that any certification or
							information provided by the Applicant or Applicant's chief executive officer,
							or equivalent officer, required under these Rules is found to be willfully
							false the Corporation shall deny the issuance of any incentives or revoke any
							award of incentives in their entirety, which revocation shall be in addition to
							any other criminal or civil penalties that the Applicant and/or the officer may
							be subject to under applicable law.
B. The Corporation shall deny the issuance of
							or revoke any award of incentives if an Applicant or its successor-in-interest
							is convicted of bribery, fraud, theft, embezzlement, misappropriation, and/or
							extortion involving the State, any state agency or political subdivision of the
							state.
C. Upon breach of an
							Incentive Agreement, the Corporation may deny the issuance of or revoke the Tax
							Credit Certificate and any fees paid shall be forfeited.
D. The Corporation shall notify the Applicant
							or its successor-in-interest in writing of the revocation of Tax Credits and/or
							that its right to receive Tax Credits has been terminated.
E. The Corporation shall notify the Tax
							Division of any revocation of Tax Credits.
F. If any Tax Credits have been claimed by
							any taxpayer based upon a Tax Credit Certificate that has been revoked, the
							Applicant or its successor-in-interest shall pay to the Corporation an amount
							equal to the Tax Credit claimed. There shall be no adjustment to the Tax Credit
							claimed by the taxpayer if a taxpayer acquired the Tax Credit Certificate,
							directly or indirectly, from the Applicant or a Participant in the Applicant in
							an arms-length transaction, for value, and without notice of violation, fraud
							or misrepresentation.
G. The
							Corporation may provide for additional rights and remedies in any Incentive
							Agreement, which will be in addition to the rights of revocation and
							termination provided under this Rule.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.19 - Administration and Examination of Records

Current through June 14, 2024
A. The Tax
							Division and its agents, for the purpose of ascertaining the correctness of any
							Tax Credit claimed under the Act, may examine any books, paper, records or
							memoranda bearing upon the matters required to be included in the return,
							report or other statement, and may require the attendance of the Person
							executing the return, report or other statement, or of any officer or employee
							of any taxpayer, or the attendance of any other Person, and may examine the
							Person under oath respecting any matter which the Tax Division or its agents
							deems pertinent or material in determining eligibility for Tax Credits claimed,
							and may request information from the Corporation, and the Corporation shall
							provide such information in all cases, to the extent not otherwise prohibited
							by statute.
B. 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 3 - Rules and Regulations for the Rebuild Rhode Island Tax Credit Program › Section 870-RICR-30-00-3.20 - Inspection Rights

Current through June 14, 2024
The Corporation and Tax Division shall have the right at
								reasonable times to make an inspection and to enter upon any property that is
								the subject of an Application during the term of an Incentive 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.1 - Purpose

Current through June 14, 2024
These rules and regulations (the "Rules") are jointly
								promulgated to set forth the principles, policies and practices of the Rhode
								Island Commerce Corporation and the Rhode Island Division of Taxation in
								implementing and administering R.I. Gen. Laws Chapter 44-48.3, the Rhode Island
								Qualified Jobs Incentive Act of 2015 (the "Act").
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.2 - Authority

Current through June 14, 2024
These Rules are jointly promulgated by the Rhode Island
								Commerce Corporation and the Rhode Island Division of Taxation pursuant to R.I.
								Gen. Laws Chapter 44-48.3. 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.3 - Scope

Current through June 14, 2024
These Rules shall apply to any application for an incentive
								under the Act. Notwithstanding anything contained in these Rules to the
								contrary, the Rhode Island Commerce Corporation and the Rhode Island Division
								of Taxation shall, respectively, have and may exercise all general power set
								forth in the 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 and the Rhode Island Division of Taxation to effectuate
								the purposes on 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 reasoning 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.4 - 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.6 - Eligibility

Current through June 14, 2024
A. The minimum number of New Full-Time Jobs
							required for an Applicant to be eligible for a Tax Credit under the Act shall
							be as follows:
1. for a Business in a Targeted
							Industry that employs not more than one hundred (100) Full-Time Employees in
							the State on the date of Application, the creation of at least ten (10) New
							Full-Time Jobs;
2. for a Business
							in a Targeted Industry that employs more than one hundred (100) Full-Time
							Employees in the State on the date of Application, the lesser of the creation
							of New Full-Time Jobs in this State in an amount not less than ten percent
							(10%) of the Business's existing number of Full-Time Employees in the State or
							the creation of at least one hundred (100) New Full-Time Jobs;
3. for a Business that is not in a Targeted
							Industry that employs not more than two hundred (200) Full-Time Employees in
							this State on the date of Application to the Corporation, the creation of at
							least twenty (20) New Full-Time Jobs; or
4. for a Business that is not in a Targeted
							Industry that employs more than two hundred (200) Full-Time Employees in this
							State on the date of Application, the lesser of the creation of New Full-Time
							Jobs in an amount not less than ten percent (10%) of the Business's existing
							number of Full-Time Employees in this State or the creation of at least one
							hundred (100) New Full-Time Jobs.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.7 - Successive Applications

Current through June 14, 2024
The Corporation shall not enter into a new Incentive
								Agreement with an Applicant that has previously received incentives pursuant to
								the Act, unless the Applicant has satisfied all of its obligations underlying
								the previous award of incentives through the effective date of a new Incentive
								Agreement for such subsequent award, and the New Full-Time Jobs pledged by the
								Applicant in the new Incentive Agreement are in addition to the jobs created by
								the Applicant under any pre-existing Incentive Agreement.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.8 - Combination with Other Jobs Benefits

Current through June 14, 2024
The incentives provided under the Act shall not be granted
								in combination with any other job specific benefit provided by the State, the
								Corporation, or any other State agency, board, commission, quasi-public
								corporation or similar entity without the express authorization of the
								Corporation.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.10 - Fees

Current through June 14, 2024
A. An Applicant shall be charged a one-time,
							non-refundable application fee by the Corporation and may be charged fees for
							ongoing administration in relation to Tax Credits for the Applicant approved by
							the Board. The Corporation shall annually publish a fee schedule on its website
							commencing on or before December 31, 2015.
B. An Application may be required to pay to
							the Corporation the full amount of direct fees and costs paid to third-parties
							by the Corporation in relation to the consideration and/or approval of Tax
							Credits for the Applicant.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.11 - Review Process

Current through June 14, 2024
A. Each Application
							shall be reviewed to confirm compliance with 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 Application or the revision of
							an Application, and may permit the resubmission of an Application rejected as
							being incomplete or deficient.
C.
							After submission of a complete Application and review by the Corporation in
							accordance with the Act and these Rules, the Corporation will determine whether
							to recommend to the Board that it approve a Tax Credit for the Applicant and
							the amount of the Tax Credit. Factors considered in formulation of the
							recommendation may include:
1. the number of
							New Full-Time Jobs created;
2. the
							compensation for the New Full-Time Jobs created including benefits;
3. the length of the Commitment
							Period;
4. whether the New
							Full-Time Jobs are created in a Targeted Industry;
5. whether the New Full-Time Jobs are created
							in a Hope Community;
6. the amount
							of any Capital Investment made in connection with the creation of the New
							Full-Time Jobs;
7. the strategic
							importance of the Applicant's business; and
8. the economic return to the
							State.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.12 - Discretion and Judicial Review

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. A review of
							an Application shall not constitute a "contested case" under the Administrative
							Procedures Act, R.I. Gen. Laws §
										42-35-9,
							and no opportunity to object to an Application shall be afforded, nor shall
							judicial review be available from a decision rendered by the Corporation or the
							Board in connection with any Application.