§ 42-64-36. Program accountability.
(a) The board of the Rhode Island commerce corporation shall be responsible for establishing
accountability standards, reporting standards, and outcome measurements for each of
its programs to include, but not be limited to, the use of tax credits, loans, loan
guarantees, and other financial transactions managed or utilized by the corporation.
Included in the standards shall be a set of principles and guidelines to be followed
by the board to include:
(1) A set of outcomes against which the board will measure each program's and offering's
effectiveness;
(2) A set of standards for risk analysis for all of the programs especially the loans
and loan guarantee programs; and
(3) A process for reporting out all loans, loan guarantees, and any other financial commitments
made through the corporation that includes the purpose of the loan, financial data
as to payment history, and other related information.
(b) The board shall annually prepare a report starting in January 2015 which shall be
submitted to the house and senate. The report shall summarize the above listed information
on each of its programs and offerings and contain recommendations for modification,
elimination, or continuation.
(c) The commerce corporation shall prepare a report beginning January 1, 2019, which shall
be submitted to the house and senate within a period of forty-five (45) days of the
close of each quarter. The report shall summarize the information listed in subsection
(a) of this section on each of its programs and offerings, including any modifications,
adjustments, clawbacks, reallocations, alterations, or other changes, made from the
close of the prior fiscal quarter and include comparison data to the reports submitted
pursuant to §§ 42-64.20-9(b), 42-64.21-8(a) and (c), 42-64.22-14(a), 42-64.23-5(d), 42-64.24-5(d), 42-64.25-12, 42-64.26-6, 42-64.27-4, 42-64.28-9, 42-64.29-7(a), 42-64.31-3, 44-48.3-13(b) and (c), chapters 64.20, 64.21, 64.22, 64.23, 64.24, 64.25, 64.26, 64.27, 64.28,
64.29, 64.30, 64.31, and 64.32 of this title, and § 44-48.3-13.
(d) The board shall coordinate its efforts with the office of revenue analysis to not
duplicate information on the use of tax credits and other tax expenditures.