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Rhode Island General Laws Title 42. State Affairs and Government § 42-64.30-6. Administration

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) To be eligible to receive a tax credit authorized by this chapter, an existing Rhode Island business shall apply to the commerce corporation for approval prior to the qualified business commencing a relocation search within the state for a certification that the existing Rhode Island business qualifies for tax credits under this chapter. Such approval shall require:

(1) That the qualified business has submitted a completed application as developed by the commerce corporation;

(2) That the chief executive officer of the commerce corporation provide written confirmation to the commerce corporation board that (i) the commerce corporation has reviewed the application and any determination regarding the potential impact on the qualified business's ability to promote the retention and expansion of existing jobs, stimulate the creation of new jobs, including good-paying jobs, attract new business and industry to the state, and stimulate growth in real estate developments and/or businesses that are prepared to make meaningful investment and foster job creation in the state; and (ii) of the recommendation of the commerce corporation as to the total credits to be awarded to the applicant; and

(3) That the secretary of commerce provide written confirmation to the commerce corporation board that the recommendation of the commerce corporation is consistent with the purposes of this chapter.

(b) The commerce corporation and the division of taxation shall be entitled to rely on the facts represented in the application and upon the certification of a certified public accountant licensed in the state of Rhode Island with respect to the requirements of this chapter.

(c) The tax credits provided for under this chapter shall be granted at the discretion of the commerce corporation.

(d) If information comes to the attention of the commerce corporation at any time up to and including the last day of the eligibility period that is materially inconsistent with representations made in an application, the commerce corporation may deny the requested certification, or revoke a certification previously given, with any processing fees paid to be forfeited.

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Cite this article: FindLaw.com - Rhode Island General Laws Title 42. State Affairs and Government § 42-64.30-6. Administration - last updated January 01, 2024 | https://codes.findlaw.com/ri/title-42-state-affairs-and-government/ri-gen-laws-sect-42-64-30-6/

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