§ 44-48.3-4. Rhode Island qualified jobs incentive program.
(a) The Rhode Island qualified jobs incentive program is hereby established as a program
under the jurisdiction of and shall be administered by the commerce corporation. The
program may provide tax credits to eligible businesses for an eligibility period not
to exceed ten (10) years.
(b) An eligible business under the program shall be entitled to a credit against taxes
imposed pursuant to chapters 11, 13, 14, 17 or 30 of title 44 as further provided
under this chapter.
(c) The minimum number of new full-time jobs required to be eligible for a tax credit
under this program shall be as follows:
(1) For a business in a targeted industry that employs not more than one hundred (100)
full-time employees on the date of application to the commerce corporation, the creation
of at least ten (10) new full-time jobs in this state;
(2) For a business in a targeted industry that employs more than one hundred (100) full-time
employees on the date of application to the commerce corporation, either the creation
of new full-time jobs in this state in an amount not less than ten percent (10%) of
the business's existing number of full-time employees or the creation of at least
one hundred (100) new full-time jobs in this state;
(3) For a business in a non-targeted industry that employs not more than two hundred (200)
full-time employees on the date of application to the commerce corporation, the creation
of at least twenty (20) new full-time jobs in this state; or
(4) For a business in a non-targeted industry that employs more than two hundred (200)
full-time employees on the date of application to the commerce corporation, either
the creation of new full-time jobs in this state in an amount not less than ten percent
(10%) of the business's existing number of full-time employees or the creation of
at least one hundred (100) new full-time jobs in this state.
(d) When a business applies for an incentive under this chapter, in order to assist the
commerce corporation in determining whether the business is eligible for the incentives
under this chapter, the business's chief executive officer, or equivalent officer,
shall attest under oath:
(1) That any projected creation of new full-time jobs would not occur, or would not occur
in the state of Rhode Island, but for the provision of tax credits under the program;
(2) The business will create new full-time jobs in an amount equal to or greater than
the applicable number set forth in subsection (c) of this section;
(3) That the business's chief executive officer, or equivalent officer, has reviewed the
information submitted to the commerce corporation and that the representations contained
therein are accurate and complete.
(e) The commerce corporation shall establish, by regulation, the documentation an applicant
shall be required to provide under this subsection. Such documentation may include
documentation showing that the applicant could reasonably locate the new positions
outside of this state, or that the applicant is considering locating the positions
outside of this state, or that it would not be financially feasible for the applicant
to create the positions without the tax credits provided in this chapter.
(f) In the event that this attestation by the business's chief executive officer, or equivalent
officer, required under subsection (d) of this section is found to be willfully false,
the commerce corporation may revoke any award of tax credits in their entirety, which
revocation shall be in addition to any other criminal or civil penalties that the
business and/or the officer may be subject to under applicable law. Additionally,
the commerce corporation may revoke any award of tax credits in its entirety if the
eligible business is convicted of bribery, fraud, theft, embezzlement, misappropriation,
and/or extortion involving the state, any state agency or political subdivision of
the state.