§ 42-64.26-5. Administration.
(a) Application. An eligible graduate claiming an award under this chapter shall submit to the commerce
corporation an application in the manner that the commerce corporation shall prescribe.
(b) Upon receipt of a proper application from an applicant who meets all of the eligibility
requirements, the commerce corporation shall select applicants on a competitive basis
to receive credits for up to a maximum amount for each service period of one thousand
dollars ($1,000) for an associate's degree holder, four thousand dollars ($4,000)
for a bachelor's degree holder, and six thousand dollars ($6,000) for a graduate or
post-graduate degree holder, but not to exceed the education loan repayment expenses
incurred by such taxpayer during each service period completed, for up to four (4)
consecutive service periods provided that the taxpayer continues to meet the eligibility
requirements throughout the eligibility period. The commerce corporation shall delegate
the selection of the applicants that are to receive awards to a fellowship committee
to be convened by the commerce corporation and promulgate the selection procedures
the fellowship committee will use, which procedures shall require that the committee's
consideration of applications be conducted on a name-blind and employer-blind basis
and that the applications and other supporting documents received or reviewed by the
fellowship committee shall be redacted of the applicant's name, street address, and
other personally-identifying information as well as the applicant's employer's name,
street address, and other employer-identifying information. The commerce corporation
shall determine the composition of the fellowship committee and the selection procedures
it will use in consultation with the state's chambers of commerce. Notwithstanding
the foregoing, the commerce corporation shall create and establish a committee to
evaluate any healthcare applicant for an award in the same manner as prescribed in
this subsection. The executive office of health and human services ("EOHHS�) shall
be represented on the committee and provide consultation to the commerce corporation
on selection procedures. Notwithstanding EOHHS's consultation and representation in
the selection of healthcare applicants, the commerce corporation shall administer
all other aspects of a healthcare applicant's application, award, and certification.
(c) The credits awarded under this chapter shall not exceed one hundred percent (100%)
of the education loan repayment expenses incurred by such taxpayer during each service
period completed for up to four (4) consecutive service periods. Tax credits shall
be issued annually to the taxpayer upon proof that (i) The taxpayer has actually incurred
and paid such education loan repayment expenses; (ii) The taxpayer continues to meet
the eligibility requirements throughout the service period; (iii) The award shall
not exceed the original loan amount plus any capitalized interest less award previously
claimed under this section; and (iv) The taxpayer claiming an award is current on
the taxpayer's student loan repayment obligations.
(d) The commerce corporation shall not commit to overall awards in excess of the amount
contained in the fund.
(e) The commerce corporation shall reserve seventy percent (70%) of the awards issued
in a calendar year to applicants who are permanent residents of the state of Rhode
Island or who attended an institution of higher education located in Rhode Island
when they incurred the education loan expenses to be repaid.
(f) In administering awards, the commerce corporation shall:
(1) Require suitable proof that an applicant meets the eligibility requirements for award
under this chapter;
(2) Determine the contents of applications and other materials to be submitted in support
of an application for award under this chapter; and
(3) Collect reports and other information during the eligibility period for each award
to verify that a taxpayer continues to meet the eligibility requirements for an award.