§ 42-64.28-2 — § 42-64.28-2. Definitions.

Rhode Island § 42-64.28-2

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-64.28: Innovation Initiative

Text

§ 42-64.28-2. Definitions.

As used in this chapter:

(1) "Commerce corporationâ€� means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq.

(2) "Employee-owned business� means any entity that is a small business and:

(i) Is, in whole or in part, a workers' cooperative as defined in § 7-6.2-2(5); or

(ii) Has an employee stock ownership plan, as defined in 26 U.S.C. § 4975(e)(7).

(3) "Manufacturer� means any entity that:

(i) Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; or

(ii) Is described in codes 31-33 of the North American Industry Classification system, as revised from time to time.

(4) "Match� means a funding match, or in-kind services provided by a third party.

(5) "Small business� means a business that is resident in Rhode Island, has its business facility located within the state, and employs five hundred (500) or fewer persons.

(6) "Small business manufacturer� means a business that meets the definitions of terms "small business� and "manufacturer� as defined herein.

(7) "Targeted industryâ€� means any advanced, promising, or otherwise prioritized industry identified in the economic development vision and policy promulgated pursuant to § 42-64.17-1 or, until such time as any such economic development vision and policy is promulgated, as identified by the commerce corporation.

Legislative History

P.L. 2015, ch. 141, art. 19, § 11; P.L. 2017, ch. 302, art. 2, § 1; P.L. 2024, ch. 117, art. 7, § 13, effective June 17, 2024.