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-30-00-1.5 - Definitions

Current through June 14, 2024
A. The following words and terms, when used
				 in these Rules, shall have the following meanings, unless the context clearly
				 indicates otherwise.
1. "Act" means R.I. Gen.
				 Laws Chapter 64.26, known as the Stay Invested in RI Wavemaker
				 Fellowship.
2. "Annual
				 certification" means the document issued to a Fellowship Recipient by the
				 Corporation certifying to the Tax Division the amount of the Tax Credit and
				 taxable year in which such Tax Credit may be claimed, and such other
				 information deemed appropriate by the Corporation.
3. "Applicant" means an individual who
				 applies for a tax credit under these Rules.
4. "Award" means a Tax Credit awarded by the
				 Corporation to an Applicant as provided under the Act and these
				 Rules.
5. "Award letter" means the
				 letter mailed to an Applicant selected for an Award by the Fellowship
				 Committee.
6. "Board" means the
				 Board of Directors of the Corporation.
7. "Corporation" means the Rhode Island
				 Commerce Corporation established pursuant to R.I. Gen. Laws Chapter
				 42-64.
8. "Eligible expenses" means
				 annual higher education loan repayment expenses of which the fellow is the
				 primary holder, including, without limitation, principal, interest and fees, as
				 may be applicable, incurred by an eligible graduate and which the eligible
				 graduate is obligated to repay for attendance at a postsecondary institution of
				 higher learning. Notwithstanding the foregoing, late fees or other penalties
				 for late payment shall not constitute Eligible Expenses.
9. "Eligibility period" means a term of up to
				 four (4) consecutive service periods beginning with the date that an eligible
				 graduate receives initial notice of award and expiring at the conclusion of the
				 fourth service period after such date specified.
10 "Executive office of health and human services" or
				 "EOHHS" shall mean the executive office of health and human services, created
				 pursuant to R.I. Gen. Laws sect; 42-7.2-2.
11. "Fellowship committee" means the
				 committee convened by the Corporation, and whose composition and selection
				 procedures will be determined in consultation with the state's chambers of
				 commerce, for the purpose of selecting which Applicants should receive Awards
				 under the Act. EOHHS shall be represented on the committee and provide
				 consultation to the Corporation on selection procedures. The committee shall
				 comprise of at least five and no more than nine members and include a
				 representative of the Corporation, a representative from EOHHS, a
				 representative from a chamber of commerce, a representative from industry, and
				 a representative from workforce development. The committee shall be approved by
				 the Corporation board and provide consultation to the Corporation on selection
				 procedures.
12. "Fellowship
				 recipient" means an Applicant who receives a Tax Credit under the Act and these
				 Rules.
13. "Full-time employee"
				 means a person who is employed by a business for consideration for a minimum of
				 at least thirty-five (35) hours per week; or who renders any other standard of
				 service generally accepted by custom or practice as full-time employment; or
				 who is employed by a professional employer organization pursuant to an employee
				 leasing agreement between the business and the professional employer
				 organization for a minimum of thirty-five (35) hours per week, or who renders
				 any other standard of service generally accepted by custom or practice as
				 full-time employment, and whose wages are subject to State
				 withholding.
14. "Fund" refers to
				 the "Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to
				 sect; 42-64.26-4(a).
15.
				 "Healthcare Applicant" means any Applicant that meets the eligibility
				 requirements and works as a full-time employee as a high-demand healthcare
				 practitioner, dental practitioner, or mental health professional, including but
				 not limited to clinical social workers and mental health counselors licensed by
				 the department of health.
16.
				 "Rhode Island-based employer" means
a. an
				 employer having a principal place of business or at least fifty-one percent
				 (51%) of its employees located in this State; or
b. an employer registered to conduct business
				 in this State that satisfied state tax filing requirements for the previous tax
				 year.
17. "STEM/Design
				 Applicant" means any Applicant that meets the eligibility requirements and
				 works as a full-time employee as a high-demand science, technology,
				 engineering, or mathematics (STEM) or design practitioner.
18. "Service period" means a twelve (12)
				 month period beginning on the date that an initial notice of award provided
				 under the Act and these Rules is transmitted to an Applicant.
19. "State" means the State of Rhode
				 Island.
20. "Student loan" means a
				 loan to an individual by a public authority or private lender to assist the
				 individual to pay for Eligible Expenses.
21. "Tax credit" means the tax credit
				 permitted under the Act.
22. "Tax
				 credit award request form" means the form published from time to time by the
				 Tax Division to be filed by an Applicant with the Tax Division together with
				 the Certification issued by the Corporation.
23. "Tax credit certificate" or "Certificate"
				 means a certificate issued by the Tax Division to a Fellowship Recipient who
				 has received an Annual Certification from the Corporation substantiating
				 compliance with an Award Letter and entitlement to the issuance of Tax Credits
				 under the Act.
24. "Tax division"
				 means the State of Rhode Island Division of Taxation.