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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.14 - Board Approval

Current through June 14, 2024
A. In addition to
							those findings required under R.I. Gen. Laws §
										42-64-10,
							the Board shall make the following findings in connection with approval of any
							award of incentives under the Act and these Rules:
1. that the Applicant has demonstrated an
							intention to create the requisite number of New Full-Time Jobs; and
2. that the creation of the New Full-Time
							Jobs would not occur in the State but for the provision of Tax
							Credits.
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-30-00-4.16 - Initial Certification

Current through June 14, 2024
A. An Applicant
							shall submit documentation, in a form prescribed in the Incentive Agreement,
							indicating that it has met the requirements specified in the Incentive
							Agreement for initial certification of its Tax Credit amount within three (3)
							years following the date of approval of its Application by the Board. The
							Corporation, upon written request from the Applicant and after a finding of
							good cause by the Board, may grant no more than (2) six-month extensions of the
							deadline for initial certification.
B. Upon a determination that the Applicant
							has met the requirements specified in the Incentive Agreement, the Corporation
							shall issue an Annual Certification to the Applicant providing that the
							Applicant is entitled to a Tax Credit for a specified year in an amount
							determined pursuant to the Incentive Agreement.
C. An Applicant that fails to submit
							documentation to the Corporation indicating that it has met the employment
							requirements specified in the Incentive Agreement within four (4) years of the
							date of the Board's approval of Tax Credits for the Applicant shall forfeit any
							right, claims, or entitlements to a Tax Credit pursuant to its Applicant and
							the Corporation shall terminate the Incentive Agreement with the
							Applicant.
D. For the purposes of
							determining whether the Applicant has met the employment requirements in any
							given year, full-time employment for the year shall be determined as the
							average of the monthly full-time employment for such year.
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-30-00-4.17 - Annual Certification

Current through June 14, 2024
A. For each tax year
							in the Eligibility Period following the year of the initial Annual
							Certification, the Applicant shall submit documentation to the Corporation that
							it has met the requirements specified in the Incentive Agreement.
B. The Tax Credit amount for any tax period
							for which documentation of an Applicant's credit amount remains uncertified as
							of a date one year after the closing date of that period shall be forfeited,
							although Tax Credit amounts for the remainder of the years of the eligibility
							period shall remain available to the Applicant. Forfeiture of a year's credit
							shall not extend the eligibility period.
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-30-00-4.18 - Use of Tax Credit

Current through June 14, 2024
A. The Tax Credit
							allowed under the Act may be used as a credit against corporate income taxes
							imposed under R.I. Gen. Laws Chapters 44-11, 44-13, 44-14, 44-17, or as
							specified in the Incentive Agreement, may be used as a credit against personal
							income taxes imposed under R.I. Gen. Laws Chapter 44-30. No more than the
							amount of Tax Credits equal to the total credit amount divided by the number of
							years in the Eligibility Period may be taken in any tax period.
B. If the amount of the Tax Credit allowed
							under the Incentive Agreement exceeds the Applicant's total tax liability for
							the year in which the credit is allowed, the amount of such credit that exceeds
							the Applicant's tax liability may be carried forward and applied against the
							taxes imposed for the succeeding four (4) years, or until the full credit is
							used, whichever occurs first.
C.
							Credits allowed to a Pass-Through Entity, or multiple owners of property shall
							be passed through to the persons designated as partners, members or owners
							respectively pro rata or pursuant to an executed Allocation
							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-30-00-4.19 - Issuance of Tax Credit Certificates

Current through June 14, 2024
A. Upon the
							presentation to the Tax Division of an Annual Certification issued by the
							Commerce Corporation to the Applicant and a properly completed Tax Credit Award
							Request Form, the Tax Division shall either issue a Tax Credit Certificate,
							process a refund request, or a combination of the two to the Applicant or any
							eligible Initial Certificate Holder in the amounts and for the years as agreed
							to in the Incentive Agreement. If the Applicant is a Pass-Through Entity, the
							Tax Division may issue a Tax Credit Certificate to each Participant in such
							Pass-Through Entity 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 Annual Certification for
							issuance of Tax Credit Certificates presented to the Tax Division.
B. The Tax Division may provide for a process
							for the redemption of Tax Credits whereby upon filing of the Certification, the
							eligible holder thereof may elect to receive a redemption payment in lieu of
							the issuance of a Tax Credit Certificate(s) or some portion thereof.
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 Pass-Through Entity or
2. determined in accordance with any
							allocation method set forth in an 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.20 - 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 for those taxes permitted to be offset
							under the Act as delineated under the Incentive Agreement for the table year in
							which the Credit is issued or for taxable years to which the Credit is
							permitted to be carried forward.
C.
							The original executed Tax Credit Certificate shall be attached to the tax
							return of the Applicant, Participant or Assignee who desires to claim the
							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 of
							social security number of the Assignor and the Assignee; and
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 of Rhode Island and
							evidence of qualification to do business in Rhode Island.
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-30-00-4.21 - 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 appropriated funds; 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 appropriated funds. To the extent of any
							insufficiency of funds, 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.
C. An Assignee of the Tax Credit is not
							entitled to redeem a Tax Credit Certificate.
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-30-00-4.22 - Revocation

Current through June 14, 2024
A. In the event that the attestation by the
							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 or revoke any award of Tax Credits in their entirety, which
							revocation shall be in addition to any other criminal or civil penalties that
							the Applicant and/or officer may be subject to under applicable law.
B. The Corporation shall deny the issuance of
							or revoke any award of Tax Credits if an Applicant or its successor-in-interest
							is convicted or 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 Section.
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-30-00-4.23 - Administration and Examination of Records

Current through June 14, 2024
The Corporation may examine any books, papers, 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 4 - Rules and Regulations for the Rhode Island Qualified Jobs Incentive Act of 2015 › Section 870-RICR-30-00-4.24 - 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 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 and the Rhode Island Division of Taxation in implementing
								and administering Chapter 64.30 of Title 42 of the Rhode Island General Laws,
								the Anchor Institution 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 2 - Authority

Current through June 14, 2024
These Rules are promulgated pursuant to Chapter 64.30 of
								Title 42 of the General Laws. These Rules have been prepared in accordance with
								the requirements of the Rhode Island Administrative Procedures Act, Chapter 35
								of Title 42 of the General Laws.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 6 - Eligibility.

Current through June 14, 2024
(a) To be eligible for a Tax Credit, an
							existing Rhode Island Business shall file:
(1)
							a Preliminary Application with the Corporation identifying a Qualified Business
							that may relocate to the State; and
(2) a Final Application demonstrating to the
							Corporation that the Rhode Island Business played a substantial role in the
							decision of the Qualified Business to complete a Qualifying
							Relocation.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 7 - Tax Credit Amount

Current through June 14, 2024
(a) The Tax Credits
							issued under the Act shall not exceed the funds appropriated by the State for
							this program.
(b) An Applicant
							shall not be eligible to receive a Tax Credut in excess of seventy-five percent
							(75%) of the amount appropriated in the fiscal year in which the Tax Credits
							are issued.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 8 - Preliminary Application

Current through June 14, 2024
The Preliminary Application promulgated by the Corporation
								shall require submission of the following information from each
								Applicant:
(a) the name, address, and
							principal contact for the Applicant;
(b) state and federal tax identification
							numbers;
(c) the identification of
							the Qualified Business;
(d) a
							detailed description of the relationship between the Applicant and the
							Qualified Business that establishes that the Qualified Business, or its
							Affiliate, supplies goods or services to the Applicant or is a material service
							provider or material customer of the Applicant, including appropriate
							documentation to support the description; and
(e) any other necessary and relevant
							information as determined 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 9 - Final Application

Current through June 14, 2024
After the Qualified Business identified in the Preliminary
								Application decides to engage in a Qualified Relocation, the Applicant shall
								submit a Final Application which shall require submission of the following
								information:
(a) a detailed
							description of the number and types of New Full-Time Jobs to be located in the
							State;
(b) the annual compensation
							and benefits for each New Full-Time Job to be located in the State;
(c) a detailed description of the products
							and/or services that will be supplied by the Qualified Business from its
							location within the State;
(d) a
							statement detailing the facts and circumstances that provide evidence of the
							substantial role of the Applicant in the decision of a Qualified Business to
							complete a Qualifying Relocation, along with such documentation acceptable to
							the Corporation substantiating the facts and circumstances set forth in the
							statement;
(e) a submission from
							the Applicant and the Qualified Business stating that the Qualified Business
							had not commenced or engaged in a Relocation Search in this State within the 12
							months prior to the date of the Applicant's Preliminary Application;
(f) whether the Qualified Business will be
							purchasing or leasing a facility in the State;
(g) details relative to development
							activities associated with the Qualifying Relocation including, but not limited
							to, costs associated with any real estate development;
(h) a delineation of any other federal, State
							or local incentives, grants, tax credits, or other aid that will or may be
							received by the Qualified Business in completing a Qualifying Relocation;
							and
(i) any other necessary and
							relevant information as determined 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 10 - Fees

Current through June 14, 2024
(a) An Applicant may be charged a one-time,
							non-refundable application fee by the Corporation, as well as fees for ongoing
							administration in relation to an award of Tax Credits to 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 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 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 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 11 - Review Process.

Current through June 14, 2024
(a) Each
							Preliminary and Final 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 Preliminary or Final Application or the revision of any Preliminary or
							Final Application, and may permit the resubmission of a Preliminary or Final
							Application rejected as being incomplete or deficient.
(c) After submission of complete Preliminary
							and Final Applications 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. Factors considered in formulation of the
							recommendation may include, but not be limited to:
(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 time the New Full-Time Jobs
							are committed to remain in the State;
(4) whether the jobs created are in a
							Targeted Industry;
(5) whether the
							Qualifying Relocation benefits a Hope Community;
(6) whether the Qualifying Relocation occurs
							in a Redevelopment Area;
(7) the
							strategic importance of the Qualified Business and/or the Applicant;
(8) the economic return to the State;
							and
(9) area brokers'
							fees.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 12 - Board Approval

Current through June 14, 2024
(a) Prior to Board
							consideration for approval of any award of Tax Credits under the Act the
							following conditions shall be satisfied:
(1)
							The Chief Executive Officer of the Corporation has provided written
							confirmation to the Board (i) that the Corporation has reviewed the Application
							and any determination regarding the potential impact on the Qualified
							Business's ability to promote the retention and expansion of existing jobs;
							stimulate the creation of new jobs, including good-paying jobs; attract new
							business and industry to the State; and stimulate growth in real estate
							developments and/or businesses that are prepared to make meaningful investment
							and foster job creation in the State; and (ii) of the recommendation of the
							Corporation as to the total Tax Credit to be awarded the Applicant;
							and
(2) The Secretary of Commerce
							has provided written confirmation to the Board that the recommendation provided
							by the Chief Executive Officer of the Corporation is consistent with the
							purposes of the Act.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 14 - 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
							a Preliminary or Final Application shall not constitute a "contested case"
							under the Administrative Procedures Act,
section
							42-35-9
of the General Laws, and no opportunity to object to a Preliminary
							or Final Application shall be afforded, nor shall judicial review be available
							from a decision rendered by the Corporation or the Board in connection with any
							Preliminary or Final Application.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 15 - Issuance of Tax Credit Certificates

Current through June 14, 2024
(a) Upon the
							presentation to the Tax Division of a Certification from the Commerce
							Corporation substantiating compliance with the terms of an Incentive Agreement,
							the Tax Division shall issue Tax Credit Certificates to the Applicant in the
							amounts and for the years as agreed to by the Corporation and reflected in the
							Certification from the Corporation.
(b) The Tax Credit reflected in the Tax
							Credit Certificate may be used as a credit against taxes imposed under Chapters
							11, 12, 13, 14, or 17 of Title 44 of the General Laws.
(c) If the Applicant is a corporation, the
							Tax Credit is only allowed against the tax of a corporation included in a
							consolidated return that qualifies for the Tax Credit and not against the tax
							of other corporations that may join in the filing of a consolidated
							return.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 16 - Redemption of Tax Credit

Current through June 14, 2024
(a) Prior to
							assignment of a Tax Credit to a third party, the Applicant shall file a request
							with the Tax Division to redeem the Tax Credit, in whole or in part.
(b) Upon request of an Applicant holding a
							valid Tax Credit Certificate, the Tax Division shall be entitled to redeem such
							credit in whole or in part for one hundred percent (100%) of the value of the
							Tax Credit to the extent of available funds in the Anchor Institution Tax
							Credit Fund; provided that the Applicant must qualify for a Letter of Good
							Standing in order to be eligible to redeem any portion of a credit..
(c) An Applicant seeking redemption of a Tax
							Credit shall file an application on the form prescribed by the Tax Division
							together with the original Tax Credit Certificate. The Tax Division shall be
							entitled to pay the redemption amount within ninety (90) days of submission of
							a complete redemption application by the Applicant to the extent of available
							funds in the Anchor Institution Tax Credit Fund. To the extent of any
							insufficiency of funds in the Anchor Institution Tax Credit Fund, the Tax
							Division shall either return the original Tax Credit Certificate to the
							Applicant or issue a new Tax Credit Certificate for such partial amounts that
							are not redeemed by the Tax Division.
(d) An Assignee of the Tax Credit is not
							entitled to redeem a Tax Credit.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 17 - Assignment of Tax Credit

Current through June 14, 2024
(a) A Tax Credit
							Certificate may be assigned, 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 for and for those taxes permitted to be offset
							under the Act as delineated in the Incentive Agreement, the taxable year in
							which the Credit is issued during the Eligibility Period.
(c) The original executed Tax Credit
							Certificate shall be attached to the tax return of the Applicant or Assignee
							who desires to claim the 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; and
(4) For non-resident
							entities, the name and address of such entity's registered agent in the State
							of Rhode Island and evidence of qualification to do business in Rhode
							Island.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 18 - Revocation of Tax Credit.

Current through June 14, 2024
(a) Upon breach of
							an Incentive Agreement, the Corporation may deny the issuance of a
							Certification or revoke a Certification or the Tax Credit Certificate. If any
							Tax Credits have been claimed by any taxpayer based upon a Tax Credit
							Certificate that has been revoked, the Applicant 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, in an arms-length transaction, for value,
							and without notice of violation, fraud or misrepresentation.
(b) The Corporation shall notify the Tax
							Division of any revocation of a Certification or Tax Credit
							Certificate.
Rhode Island Code of Regulations › Title 870 - Rhode Island Commerce Corporation › Chapter 30 - Tax Credits and Exemptions › Subchapter 00 - N/A › Part 5 - Rules and Regulations for the Anchor Institution Tax Credit › Rule 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-30-00-6.1 - Purpose

Current through June 14, 2024
These rules (the "Rules") are promulgated to set forth the
								principles, policies and practices of the Rhode Island Commerce Corporation in
								implementing and administering Pursuant to R.I. Gen. Laws Chapter 42-64.21, the
								Rhode Island Tax Increment Financing Act of 2015 ("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-30-00-6.2 - Authority

Current through June 14, 2024
These Rules are promulgated pursuant to R.I. Gen. Laws
								Chapter 42-64.21. 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 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.3 - 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 shall 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 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 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.4 - 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 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.6 - Eligibility

Current through June 14, 2024
A. In order to be eligible for a TIF
							Incentive the following requirements shall be satisfied:
1. The project must be located in a
							Qualifying TIF Area;
2. A Project
							Financing Gap exists;
3. The
							project is:
a. a new facility and not a
							replacement or relocation of an existing facility already located in the
							State;
b. an expansion of an
							existing facility that will increase the number of full-time employees in the
							State; or
c. necessary to retain
							one or more At Risk Businesses;
4. The Applicant must enter into a TIF
							Agreement with the Corporation on or before December 31, 2018.
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-30-00-6.7 - Request for Authorization

Current through June 14, 2024
A. No Application
							can be filed for a TIF Incentive without written authorization from the
							Corporation.
B. The Corporation may
							authorize Developers to file an Application for a TIF Incentive through a
							public request for proposal process; may authorize a Developer who has applied
							for an economic development incentive under another program administered by the
							Corporation to supplement that application by filing an Application under the
							TIF Incentive program; and the Corporation may authorize a Developer to apply
							for a TIF Incentive after review and approval of a Request for Authorization
							received from the Developer, in the form promulgated by the Corporation, which
							shall:
1. demonstrate that a TIF incentive is
							appropriate for the Developer's project because no alternative method of
							private or public financing, including any and all federal, state, and local
							grants, incentives, or tax abatements, is readily available to complete the
							project; and/or a TIF Incentive is the optimal financing source for a project;
							and/or the project creates direct public benefits, such as, but not limited to,
							public infrastructure, utilities, and other public amenities; and
2. identify the Qualifying TIF Area for the
							project and the taxes to be included in the Eligible Revenues. The Corporation
							may request such analyses regarding taxes as may be necessary or
							helpful.
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-30-00-6.8 - Designation of a Qualifying TIF Area

Current through June 14, 2024
A. The Corporation
							may designate areas within one or more contiguous municipalities that meet the
							necessary criteria to become a Qualifying TIF Area.
B. The Qualifying TIF Area for a Qualified
							Development Project shall be no greater than the Project Area for said project,
							unless:
1. the Qualified Development Project
							includes the development of infrastructure or utilities to serve areas beyond
							the boundaries of the Project Area, in which case the Applicant may request
							that the proposed Qualifying TIF Area include, in addition to the Project Area,
							such additional real estate contiguous to the Project Area as will be directly
							or indirectly benefitted by the development of such infrastructure or
							utilities; or
2. the Applicant can
							demonstrate, to the satisfaction of the Corporation in its discretion, that the
							Qualified Development project will directly result in the generation of
							Incremental Revenue beyond the boundaries of the Project Area and can propose,
							provide justification for, and identify an administrable method, as determined
							in the sole discretion of the Corporation, for determining the portion or
							percentage (not greater than 75%) of the Incremental Revenue generated beyond
							the boundaries of the Project Area as a result of the project, in which case
							the Applicant may request that the proposed Qualifying TIF Area include
							additional real estate contiguous to the Project Area.
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-30-00-6.10 - 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 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 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.11 - 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, 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 approval, 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 TIF Incentive for the Applicant. 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 impact on the State;
3.
							Whether the project furthers State or municipal planning and development
							objectives, or both;
4. Whether the
							project maximizes the value of vacant, dilapidated, outmoded, or underutilized
							property,
5. If the Application
							provides for a Qualifying TIF Area that is larger than the Project Area, the
							Corporation shall consider the positive impact of the provision of
							infrastructure or utilities upon the development, or potential for development,
							of the benefitted properties, and shall also review any comments provided by
							the title owners of the benefitted properties; 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 TIF Incentive 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 6 - Rules and Regulations for the Rhode Island Tax Increment Financing Act › Section 870-RICR-30-00-6.12 - 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
							a Request for Authorization or 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 a Request for Authorization or 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 Request for
							Authorization or any Application.
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-30-00-6.13 - Board Approval

Current through June 14, 2024
A. Prior to Board
							consideration for approval of any TIF Incentive the following conditions shall
							be satisfied:
1. The Applicant has submitted
							a completed Application;
2. The
							Chief Executive Office 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 Qualified Development Project's ability to promote the retention
							and expansion of existing jobs, stimulate the creation of new jobs, including
							good-paying jobs, attract new business and industry to the State, and stimulate
							growth in real estate developments and/or businesses that are prepared to make
							meaningful investment and foster job creation in the State; and
b. identifying the proposed boundaries of the
							Qualifying TIF Area, length of the TIF Agreement and the percentage of
							Incremental Revenues to be allocated under the TIF Agreement; and
c. The Secretary of Commerce has provided
							written confirmation to the Board that the recommendation provided to the Chief
							Executive Officer is consistent with the purposes of the Act; and
d. The Division of Taxation has provided
							certification of the Revenue Increment Base.