§ 42-64.30-3 — § 42-64.30-3. Definitions.

Rhode Island § 42-64.30-3

• Jurisdiction: Rhode Island
• Title 42: State Affairs and Government
• Ch. 42-64.30: Anchor Institution Tax Credit

Text

§ 42-64.30-3. Definitions.

As used in this act:

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

(2) "Eligibility period� means the period in which a Rhode Island business may claim a tax credit under this act, beginning with the tax period in which the commerce corporation accepts certification by the Rhode Island business that it has played a substantial role in the decision of a qualified business to relocate to Rhode Island and extending thereafter for a term of five (5) years.

(3) "Hope community� means a municipality for which the five-year (5) average percentage of families with income below the federal poverty level exceeds the state five-year (5) average percentage, both most recently reported by the U.S. Department of Commerce, Bureau of the Census.

(4) "Qualified business� means an entity that supplies goods or services to a Rhode Island business or is a material service provider or a material customer of a Rhode Island business, or is an affiliate of such supplier, service provider or customer.

(5) "Qualifying relocationâ€� means a qualified business with the minimum number of employees as set forth in § 42-64.30-5(a)(1) and (2), which moves an existing facility to the state of Rhode Island or constructs a new facility to supply goods or services to a Rhode Island business.

(6) "Rhode Island business� means a business enterprise physically located in, and authorized to do business in, the state of Rhode Island.

(7) "Taking possession� means executing a lease, acquiring title, or otherwise committing to occupy as defined by the commerce corporation.

Legislative History

P.L. 2015, ch. 141, art. 19, § 13.