§ 42-64.20-6. Administration.
(a) To obtain the tax credit authorized in this chapter, applicants shall apply to the
commerce corporation board for approval of a qualified development project for credits
under this chapter. Such approval shall at a minimum require:
(1) That the applicant has submitted a completed application as developed by the commerce
corporation in consultation with the division of taxation;
(2) That the chief executive of the commerce corporation provide written confirmation
to the commerce corporation board (i) That the commerce corporation has reviewed the
application and any determination regarding the potential impact on the 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 governmental services; and (ii) The total credits to
be awarded to the applicant;
(3) That the secretary of commerce provide written confirmation to the commerce corporation
board that the recommendation of the commerce corporation is consistent with the purposes
of this chapter; and
(4) That the director of the office of management and budget provide written confirmation
to the commerce corporation board that the aggregate credits recommended by the commerce
corporation pursuant to this chapter do not exceed the maximum aggregate credits allowed
under this chapter in accordance with § 42-64.20-5(h).
(b) As the commerce corporation board determines whether to grant credits under this chapter,
it shall consider the purposes for which this chapter is established, which include
(but are not necessarily limited to) the following: (i) To create jobs with an emphasis
on jobs that pay at least the most recent state median wage as defined by the department
of labor and training; and (ii) To spur economic growth and new development in Rhode
Island.
(c) To claim a tax credit authorized by the board of the commerce corporation, applicants
shall apply to the commerce corporation for a certification that the project has met
all requirements of this chapter and any additional requirements set by the commerce
corporation subsequent to the time the qualified development project is placed in
service. The commerce corporation shall issue to the applicant a certification or
a written response detailing any deficiencies precluding certification. The commerce
corporation may deny certification, or may revoke the delivery of tax credits if the
project does not meet all requirements of this chapter and any additional requirements
set by the commerce corporation.
(d) Upon issuance of a certification by the commerce corporation under subsection (c),
the division of taxation shall, on behalf of the State of Rhode Island, issue tax
credit certificates equaling one hundred percent (100%) of the tax credits approved
by the commerce corporation.
(e) In the event that tax credits, or a portion of tax credits, are revoked by the commerce
corporation and such tax credits have been transferred or assigned, the commerce corporation
will pursue its recapture rights and remedies against the applicant of the tax credits
who shall be liable to repay to the commerce corporation the face value of all tax
credits assigned or transferred and all fees paid by the applicant shall be deemed
forfeited. No redress shall be sought against assignees or transferees of such tax
credits provided the tax credits were acquired by way of an arms-length transaction,
for value, and without notice of violation, fraud, or misrepresentation.
(f) The commerce corporation and division of taxation shall promulgate such rules and
regulations as are necessary to carry out the intent and purpose and implementation
of the responsibilities of each under this chapter.