§ 42-64.26-3. Definitions.
As used in this chapter:
(1) "Applicant� means an eligible graduate who applies for a tax credit for education
loan repayment expenses under this chapter.
(2) "Award� means a tax credit awarded by the commerce corporation to an applicant as
provided under this chapter.
(3) "Commerce corporation� means the Rhode Island commerce corporation established pursuant
to chapter 64 of this title.
(4) "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 under this
chapter and expiring at the conclusion of the fourth service period after such date
specified.
(5) "Eligibility requirements� means the following qualifications or criteria required
for an applicant to claim an award under this chapter:
(i) That the applicant shall have graduated from an accredited two-year (2), four-year
(4), or graduate postsecondary institution of higher learning with an associate's,
bachelor's, graduate, or post-graduate degree and at which the applicant incurred
education loan repayment expenses;
(ii) That the applicant shall be a full-time employee with a Rhode Island-based employer
located in this state throughout the eligibility period, whose employment is:
(A) For work in one or more of the following covered fields: life, natural or environmental
sciences; computer, information or software technology; advanced mathematics or finance;
engineering; industrial design or other commercially related design field; or medicine
or medical device technology;
(B) As a teacher; or
(C) As a healthcare applicant.
(6) "Eligible expenses� or "education loan repayment expenses� means annual higher education
loan repayment expenses, 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.
(7) "Eligible graduate� means an individual who meets the eligibility requirements under
this chapter.
(8) "Full-time employee� means:
(i) 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 withholding; or
(ii) A healthcare applicant, as defined pursuant to the provisions of this section, who
works or professionally provides healthcare services for a minimum of thirty-five
(35) hours per week as a sole proprietor, as a partner in a healthcare service partnership,
or as a member in a single member limited liability company ("LLC�) to include any
healthcare applicant who has completed an application pursuant to the provisions of
§ 42-64.26-5 on or after July 1, 2022.
(9) "Fund� refers to the "Stay Invested in RI Wavemaker Fellowship Fund� established pursuant
to § 42-64.26-4(a).
(10) "Healthcare applicant� means any applicant who meets the eligibility requirements
and works as a full-time employee or in a capacity as defined in subsection (8)(ii)
of this section, as a high-demand healthcare practitioner or mental health professional,
including, but not limited to, clinical social workers and mental health counselors
licensed by the department of health, and as defined in regulations to be promulgated
by the commerce corporation, in consultation with the executive office of health and
human services, pursuant to chapter 35 of this title.
(11) "Primary care� means healthcare services that cover a range of prevention, wellness,
and treatment for common illnesses and injuries. Primary care includes patients making
an initial approach to a healthcare professional for treatment as well as long-term
relationships established between a patient and a healthcare professional and may
include family medicine or medical care, general internal medicine or medical care,
and general medical practice.
(12) "Rhode Island-based employer� means: (i) An employer having a principal place of business
or at least fifty-one percent (51%) of its employees located in this state; or (ii)
An employer registered to conduct business in this state that reported Rhode Island
tax liability in the previous tax year.
(13) "Service period� means a twelve-month (12) period beginning on the date that an eligible
graduate receives initial notice of award under this chapter.
(14) "Student loan� means a loan to an individual by a public authority or private lender
to assist the individual to pay for tuition, books, and living expenses in order to
attend a postsecondary institution of higher learning.
(15) "Taxpayer� means an applicant who receives a tax credit under this chapter.
(16) "Teacher� shall have the meaning prescribed to it in rules and regulations to be promulgated
by the commerce corporation in consultation with the Rhode Island department of elementary
and secondary education.