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     ARTICLE 9

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RELATING TO ECONOMIC DEVELOPMENT

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     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 42-64.19-3 in Chapter 42-64.19 entitled “Executive Office of

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Commerce” is hereby amended to read as follows:

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     42-64.19-3.  Executive Office of Commerce.

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     (a) There is hereby established within the executive branch of state government an

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executive office of commerce effective February 1, 2015, to serve as the principal agency of the

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executive branch of state government for managing the promotion of commerce and the economy

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within the state and shall have the following powers and duties in accordance with the following

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schedule:

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     (1) On or about February 1, 2015, to operate functions from the department of business

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regulation;

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     (2) On or about April 1, 2015, to operate various divisions and functions from the

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department of administration;

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     (3) On or before September 1, 2015, to provide to the Senate and the House of

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Representatives a comprehensive study and review of the roles, functions, and programs of the

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department of administration and the department of labor and training to devise recommendations

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and a business plan for the integration of these entities with the office of the secretary of commerce.

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The governor may include such recommendations in the Fiscal Year 2017 budget proposal; and

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     (4) On or before July 1, 2021, to provide for the hiring of a deputy secretary of commerce

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and housing who shall report directly to the secretary of commerce. The deputy secretary of

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commerce and housing shall:

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     (i) Prior to hiring, have completed and earned a minimum of a master's graduate degree in

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the field of urban planning, economics, or a related field of study or possess a juris doctor law

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degree. Preference shall be provided to candidates having earned an advanced degree consisting of

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an L.L.M. law degree or Ph.D in urban planning or economics. Qualified candidates must have

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documented five (5) years' full-time experience employed in the administration of housing policy

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and/or development;

 

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     (ii) Be responsible for overseeing all housing initiatives in the state of Rhode Island and

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developing a housing plan, including, but not limited to, the development of affordable housing

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opportunities to assist in building strong community efforts and revitalizing neighborhoods;

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     (iii) Coordinate with all agencies directly related to any housing initiatives including, but

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not limited to, the Rhode Island housing and mortgage finance corporation, coastal resources

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management council (CRMC), and state departments including, but not limited to: the department

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of environmental management (DEM), the department of business regulation (DBR), the

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department of transportation (DOT) and statewide planning; and

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     (iv) Coordinate with the housing resources commission to formulate an integrated housing

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report to include findings and recommendations to the governor, speaker of the house, senate

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president, each chamber's finance committee, and any committee whose purview is reasonably

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related to, including, but not limited to, issues of housing, municipal government, and health on or

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before December 31, 2021, and annually thereafter which report shall include, but not be limited

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to, the following:

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     (A) The total number of housing units in the state with per community counts, including

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the number of Americans with Disabilities Act compliant special needs units;

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     (B) The occupancy and vacancy rate of the units referenced in subsection (a)(4)(iv)(A);

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     (C) The change in the number of units referenced in subsection (a)(4)(iv)(A), for each of

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the prior three (3) years in figures and as a percentage;

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     (D) The number of net new units in development and number of units completed since the

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prior report;

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     (E) For each municipality the number of single-family, two-family (2), and three-family

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(3) units, and multi-unit housing delineated sufficiently to provide the lay reader a useful

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description of current conditions, including a statewide sum of each unit type;

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     (F) The total number of units by income type;

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     (G) A projection of the number of status quo units;

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     (H) A projection of the number of units required to meet housing formation trends;

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     (I) A comparison of regional and other similarly situated state funding sources that support

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housing development including a percentage of private, federal, and public support;

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     (J) A reporting of unit types by number of bedrooms for rental properties including an

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accounting of all:

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     (I) Single-family units;

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     (II) Accessory dwelling units;

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     (III) Two-family (2) units;

 

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     (IV) Three-family (3) units;

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     (V) Multi-unit sufficiently delineated units;

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     (VI) Mixed use sufficiently delineated units; and

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     (VII) Occupancy and vacancy rates for the prior three (3) years;

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     (K) A reporting of unit types by ownership including an accounting of all:

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     (I) Single-family units;

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     (II) Accessory dwelling units;

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     (III) Two-family (2) units;

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     (IV) Three-family (3) units;

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     (V) Multi-unit sufficiently delineated units;

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     (VI) Mixed use sufficiently delineated units; and

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     (VII) Occupancy and vacancy rates for the prior three (3) years;

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     (L) A reporting of the number of applications submitted or filed for each community

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according to unit type and an accounting of action taken with respect to each application to include,

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approved, denied, appealed, approved upon appeal, and if approved, the justification for each

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approval;

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     (M) A reporting of permits for each community according to affordability level that were

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sought, approved, denied, appealed, approved upon appeal, and if approved, the justification for

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each approval;

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     (N) A reporting of affordability by municipality that shall include the following:

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     (I) The percent and number of units of extremely low-, very low-, low-, moderate-, fair-

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market rate, and above-market-rate units; including the average and median costs of those units;

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     (II) The percent and number of units of extremely low-, very low-, low-, and moderate-

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income housing units required to satisfy the ten percent (10%) requirement pursuant to chapter 24

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of title 45; including the average and median costs of those units;

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     (III) The percent and number of units for the affordability levels above moderate-income

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housing, including a comparison to fair-market rent and fair-market homeownership; including the

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average and median costs of those units;

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     (IV) The percentage of cost burden by municipality with population equivalent;

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     (V) The percentage and number of home financing sources, including all private, federal,

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state, or other public support; and

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     (VI) The cost growth for each of the previous five (5) years by unit type at each

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affordability level, by unit type;

 

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     (O) A reporting of municipal healthy housing stock by unit type and number of bedrooms

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and providing an assessment of the state's existing housing stock and enumerating any risks to the

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public health from that housing stock, including, but not limited to: the presence of lead, mold, safe

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drinking water, disease vectors (insects and vermin), and other conditions that are an identifiable

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health detriment. Additionally, the report shall provide the percentage of the prevalence of health

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risks by age of the stock for each community by unit type and number of bedrooms; and

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     (P) A recommendation shall be included with the report required under this section that

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shall provide consideration to any and all populations, ethnicities, income levels, and other relevant

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demographic criteria determined by the deputy secretary, and with regard to any and all of the

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criteria enumerated elsewhere in the report separately or in combination, provide recommendations

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to resolve any issues that provide an impediment to the development of housing, including specific

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data and evidence in support of the recommendation. All data and methodologies used to present

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evidence are subject to review and approval of the chief of revenue analysis, and that approval shall

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include an attestation of approval by the chief to be included in the report.

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     (b) In this capacity, the office shall:

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     (1) Lead or assist state departments and coordinate business permitting processes in order

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to:

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     (i) Improve the economy, efficiency, coordination, and quality of the business climate in

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the state;

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     (ii) Design strategies and implement best practices that foster economic development and

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growth of the state's economy;

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     (iii) Maximize and leverage funds from all available public and private sources, including

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federal financial participation, grants, and awards;

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     (iv) Increase public confidence by conducting customer centric operations whereby

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commercial enterprise are supported and provided programs and services that will grow and nurture

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the Rhode Island economy; and

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     (v) Be the state's lead agency for economic development.

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     (2) Provide oversight and coordination of all housing initiatives in the state of Rhode

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Island.

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     (3) Provide oversight and coordination of all broadband and digital equity initiatives in the

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state of Rhode Island, including, but not limited to, the following:

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     (i) Creating a statewide broadband strategic plan which shall include goals and strategies

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related to internet access in the state. Such a plan shall include, but not be limited to considerations

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such as speed, latency, affordability, access, sustainability, and digital equity and which shall be

 

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submitted to the Governor, the speaker of the house of representatives, and the president of the

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senate on or before December 31, 2022 and shall be updated every five years thereafter;

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     (ii) Coordinating with all agencies and quasi-agencies of the state relating to any broadband

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initiative, including, but not limited to the Rhode Island department of business regulation, Rhode

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Island division of information and technology, Rhode Island emergency management agency,

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Rhode Island infrastructure bank, the division of public utilities and carriers, the department of

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education, the department of environmental management, RI housing, the office of library and

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information services, the department of labor and training, the division of purchasing, and the office

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of healthy aging;

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     (iii) Hiring a statewide broadband coordinator and supporting staff contingent on

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availability of funds, whether through the Rhode Island commerce corporation, department of

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business regulation, the executive office of commerce, or a combination, to carry out the duties

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herein;

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     (iv) Convening at least quarterly a broadband advisory committee, which is hereby

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established, and shall include no more than thirteen members. The members of the broadband

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advisory committee shall be appointed by the governor, one of whom shall be appointed in

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consultation with the speaker of the house and one of whom shall be appointed in consultation with

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the president of the senate. The broadband advisory committee shall be subject to the provisions of

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R.I. Gen. Laws § 42-46-1, et seq. and shall advise the executive office of commerce on broadband

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implementation efforts undertaken by the agency including but not limited to the development of a

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state strategic plan and broadband-related investment strategies. The broadband advisory

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committee will additionally invite telecommunications/IT experts and broadband stakeholders to

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inform the committee.

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     (v) Creating grant and other programs to allow localities, community anchor institutions,

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and public-private partnerships to invest in both middle-mile and last-mile broadband infrastructure

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improvements. The executive office of commerce may appoint any state agency or quasi-state

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agency to administer such program or programs. The executive office of commerce or any state

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agency or quasi-state agency charged with administering such grant and other programs is

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authorized to promulgate rules and regulations pursuant to § 42-35-3 of the State’s general laws

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that set forth the programs’ goals, investment criteria, principles, and parameters. The executive

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office of commerce or any state agency or quasi-state agency charged with administering such grant

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and other programs is authorized to create funds to hold any federal or state appropriation for such

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grant or other program. Such funds shall be established consistent with federal or state law that

 

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makes the appropriation. Any such funds shall be exempt from attachment, levy, or any other

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process at law or in equity.

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     (vi) Creating or otherwise administering programs, projects, initiatives, or mapping efforts

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to further the investment in and development of broadband and digital equity in the State.

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     (c) The office shall include the office of regulatory reform and other administration

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functions that promote, enhance, or regulate various service and functions in order to promote the

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reform and improvement of the regulatory function of the state.

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     SECTION 2. Sections 42-64.20-5 and 42-64.20-10 of the General Laws in Chapter 42-

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64.20 entitled “Rebuild Rhode Island Tax Credit Act” are hereby amended to read as follows:

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     42-64.20-5.  Tax credits.

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     (a) An applicant meeting the requirements of this chapter may be allowed a credit as set

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forth hereinafter against taxes imposed upon such person under applicable provisions of title 44 of

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the general laws for a qualified development project.

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     (b) To be eligible as a qualified development project entitled to tax credits, an applicant's

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chief executive officer or equivalent officer shall demonstrate to the commerce corporation, at the

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time of application, that:

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     (1) The applicant has committed a capital investment or owner equity of not less than

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twenty percent (20%) of the total project cost;

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     (2) There is a project financing gap in which after taking into account all available private

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and public funding sources, the project is not likely to be accomplished by private enterprise

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without the tax credits described in this chapter; and

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     (3) The project fulfills the state's policy and planning objectives and priorities in that:

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     (i) The applicant will, at the discretion of the commerce corporation, obtain a tax

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stabilization agreement from the municipality in which the real estate project is located on such

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terms as the commerce corporation deems acceptable;

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     (ii) It (A) Is a commercial development consisting of at least 25,000 square feet occupied

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by at least one business employing at least 25 full-time employees after construction or such

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additional full-time employees as the commerce corporation may determine; (B) Is a multi-family

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residential development in a new, adaptive reuse, certified historic structure, or recognized

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historical structure consisting of at least 20,000 square feet and having at least 20 residential units

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in a hope community; or (C) Is a mixed-use development in a new, adaptive reuse, certified historic

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structure, or recognized historical structure consisting of at least 25,000 square feet occupied by at

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least one business, subject to further definition through rules and regulations promulgated by the

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commerce corporation; and

 

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     (iii) Involves a total project cost of not less than $ 5,000,000, except for a qualified

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development project located in a hope community or redevelopment area designated under § 45-

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32-4 in which event the commerce corporation shall have the discretion to modify the minimum

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project cost requirement.

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     (c) The commerce corporation shall develop separate, streamlined application processes

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for the issuance of rebuild RI tax credits for each of the following:

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     (1) Qualified development projects that involve certified historic structures;

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     (2) Qualified development projects that involve recognized historical structures;

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     (3) Qualified development projects that involve at least one manufacturer; and

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     (4) Qualified development projects that include affordable housing or workforce housing.

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     (d) Applications made for a historic structure or recognized historic structure tax credit

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under chapter 33.6 of title 44 shall be considered for tax credits under this chapter. The division of

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taxation, at the expense of the commerce corporation, shall provide communications from the

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commerce corporation to those who have applied for and are in the queue awaiting the offer of tax

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credits pursuant to chapter 33.6 of title 44 regarding their potential eligibility for the rebuild RI tax

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credit program.

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     (e) Applicants (1) Who have received the notice referenced in subsection (d) above and

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who may be eligible for a tax credit pursuant to chapter 33.6 of title 44, (2) Whose application

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involves a certified historic structure or recognized historical structure, or (3) Whose project is

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occupied by at least one manufacturer shall be exempt from the requirements of subsections

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(b)(3)(ii) and (b)(3)(iii). The following procedure shall apply to such applicants:

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     (i) The division of taxation shall remain responsible for determining the eligibility of an

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applicant for tax credits awarded under chapter 33.6 of title 44;

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     (ii) The commerce corporation shall retain sole authority for determining the eligibility of

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an applicant for tax credits awarded under this chapter; and

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     (iii) The commerce corporation shall not award in excess of fifteen percent (15%) of the

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annual amount authorized in any fiscal year to applicants seeking tax credits pursuant to this

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subsection (e).

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     (f) Maximum project credit.

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     (1) For qualified development projects, the maximum tax credit allowed under this chapter

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shall be the lesser of (i) Thirty percent (30%) of the total project cost; or (ii) The amount needed to

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close a project financing gap (after taking into account all other private and public funding sources

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available to the project), as determined by the commerce corporation.

 

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     (2) The credit allowed pursuant to this chapter, inclusive of any sales and use tax

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exemptions allowed pursuant to this chapter, shall not exceed fifteen million dollars ($15,000,000)

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for any qualified development project under this chapter; except as provided in subsection (f)(3) of

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this section; provided however, any qualified development project that exceeds the project cap upon

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passage of this act shall be deemed not to exceed the cap, shall not be reduced, nor shall it be further

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increased. No building or qualified development project to be completed in phases or in multiple

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projects shall exceed the maximum project credit of fifteen million dollars ($15,000,000) for all

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phases or projects involved in the rehabilitation of the building. Provided, however, that for

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purposes of this subsection and no more than once in a given fiscal year, the commerce corporation

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may consider the development of land and buildings by a developer on the "I-195 land" as defined

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in § 42-64.24-3(6) as a separate, qualified development project from a qualified development

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project by a tenant or owner of a commercial condominium or similar legal interest including

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leasehold improvement, fit out, and capital investment. Such qualified development project by a

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tenant or owner of a commercial condominium or similar legal interest on the I-195 land may be

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exempted from subsection (f)(1)(i) of this section.

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     (3) The credit allowed pursuant to this chapter, inclusive of any sales and use tax

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exemptions allowed pursuant to this chapter, shall not exceed twenty-five million dollars

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($25,000,000) for the project for which the I-195 redevelopment district was authorized to enter

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into a purchase and sale agreement for parcels 42 and P4 on December 19, 2018, provided that

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project is approved for credits pursuant to this chapter by the commerce corporation.

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     (g) Credits available under this chapter shall not exceed twenty percent (20%) of the project

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cost, provided, however, that the applicant shall be eligible for additional tax credits of not more

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than ten percent (10%) of the project cost, if the qualified development project meets any of the

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following criteria or other additional criteria determined by the commerce corporation from time

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to time in response to evolving economic or market conditions:

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     (1) The project includes adaptive reuse or development of a recognized historical structure;

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     (2) The project is undertaken by or for a targeted industry;

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     (3) The project is located in a transit-oriented development area;

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     (4) The project includes residential development of which at least twenty percent (20%) of

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the residential units are designated as affordable housing or workforce housing;

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     (5) The project includes the adaptive reuse of property subject to the requirements of the

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industrial property remediation and reuse act, § 23-19.14-1 et seq.; or

 

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     (6) The project includes commercial facilities constructed in accordance with the minimum

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environmental and sustainability standards, as certified by the commerce corporation pursuant to

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Leadership in Energy and Environmental Design or other equivalent standards.

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     (h) Maximum aggregate credits.  The aggregate sum authorized pursuant to this chapter,

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inclusive of any sales and use tax exemptions allowed pursuant to this chapter, shall not exceed

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two hundred ten million dollars ($210,000,000)two hundred twenty five million dollars

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($225,000,000), excluding any tax credits allowed pursuant to subsection (f)(3) of this section.

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     (i) Tax credits shall not be allowed under this chapter prior to the taxable year in which the

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project is placed in service.

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     (j) The amount of a tax credit allowed under this chapter shall be allowable to the taxpayer

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in up to five, annual increments; no more than thirty percent (30%) and no less than fifteen percent

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(15%) of the total credits allowed to a taxpayer under this chapter may be allowable for any taxable

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year.

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     (k) If the portion of the tax credit allowed under this chapter exceeds the taxpayer's total

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tax liability for the year in which the relevant portion of the credit is allowed, the amount that

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exceeds the taxpayer's tax liability may be carried forward for credit against the taxes imposed for

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the succeeding four (4) years, or until the full credit is used, whichever occurs first. Credits allowed

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to a partnership, a limited-liability company taxed as a partnership, or multiple owners of property

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shall be passed through to the persons designated as partners, members, or owners respectively pro

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rata or pursuant to an executed agreement among persons designated as partners, members, or

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owners documenting an alternate distribution method without regard to their sharing of other tax

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or economic attributes of such entity.

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     (l) The commerce corporation, in consultation with the division of taxation, shall establish,

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by regulation, the process for the assignment, transfer, or conveyance of tax credits.

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     (m) For purposes of this chapter, any assignment or sales proceeds received by the taxpayer

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for its assignment or sale of the tax credits allowed pursuant to this section shall be exempt from

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taxation under title 44. If a tax credit is subsequently revoked or adjusted, the seller's tax calculation

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for the year of revocation or adjustment shall be increased by the total amount of the sales proceeds,

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without proration, as a modification under chapter 30 of title 44. In the event that the seller is not a

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natural person, the seller's tax calculation under chapter 11, 13, 14, or 17 of title 44, as applicable,

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for the year of revocation, or adjustment, shall be increased by including the total amount of the

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sales proceeds without proration.

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     (n) The tax credit allowed under this chapter may be used as a credit against corporate

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income taxes imposed under chapter 11, 13, 14, or 17, of title 44, or may be used as a credit against

 

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personal income taxes imposed under chapter 30 of title 44 for owners of pass-through entities such

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as a partnership, a limited-liability company taxed as a partnership, or multiple owners of property.

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     (o) In the case of a corporation, this credit is only allowed against the tax of a corporation

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included in a consolidated return that qualifies for the credit and not against the tax of other

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corporations that may join in the filing of a consolidated tax return.

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     (p) Upon request of a taxpayer and subject to annual appropriation, the state shall redeem

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this credit, in whole or in part, for ninety percent (90%) of the value of the tax credit. The division

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of taxation, in consultation with the commerce corporation, shall establish by regulation a

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redemption process for tax credits.

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     (q) Projects eligible to receive a tax credit under this chapter may, at the discretion of the

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commerce corporation, be exempt from sales and use taxes imposed on the purchase of the

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following classes of personal property only to the extent utilized directly and exclusively in the

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project: (1) Furniture, fixtures, and equipment, except automobiles, trucks, or other motor vehicles;

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or (2) Other materials, including construction materials and supplies, that are depreciable and have

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a useful life of one year or more and are essential to the project.

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     (r) The commerce corporation shall promulgate rules and regulations for the administration

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and certification of additional tax credit under subsection (e), including criteria for the eligibility,

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evaluation, prioritization, and approval of projects that qualify for such additional tax credit.

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     (s) The commerce corporation shall not have any obligation to make any award or grant

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any benefits under this chapter.

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     42-64.20-10. Sunset.

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     No credits shall be authorized to be reserved pursuant to this chapter after December 31,

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2022 2023.

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     SECTION 3. Section 42-64.21-9 of the General Laws in Chapter 42-64.21 entitled “Rhode

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Island Tax Increment Financing” is hereby amended to read as follows:

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     42-64.21-9. Sunset.

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     The commerce corporation shall enter into no agreement under this chapter after December

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31, 2022 2023.

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     SECTION 4. Section 42-64.22-15 of the General Laws in Chapter 42-64.22 entitled “Tax

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Stabilization Incentive” is hereby amended to read as follows:

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     42-64.22-15. Sunset.

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     The commerce corporation shall enter into no agreement under this chapter after December

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31, 2022 2023.

 

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     SECTION 5. Section 42-64.23-8 of the General Laws in Chapter 42-64.23 entitled “First

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Wave Closing Fund Act” is hereby amended to read as follows:

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     42-64.23-8. Sunset.

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     No financing shall be authorized to be reserved pursuant to this chapter after December 31,

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2022 2023.

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     SECTION 6. Section 42-64.24-8 of the General Laws in Chapter 42-64.24 entitled “I-195

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Redevelopment Project Fund Act” is hereby amended as follows:

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     42-64.24-8. Sunset.

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     No funding, credits, or incentives shall be authorized or authorized to be reserved pursuant

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to this chapter after December 31, 2022 2023.

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     SECTION 7. Section 42-64.25-14 of the General Laws in Chapter 42-64.25 entitled “Small

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Business Assistance Program Act” is hereby amended as follows:

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     42-64.25-14. Sunset.

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     No grants, funding, or incentives shall be authorized pursuant to this chapter after

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December 31, 2022 2023.

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     SECTION 8. Sections 42-64.26-3, 42-64.26-4, 42-64.26-5, and 42-64.26-12 of the

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General Laws in Chapter 42-64.26 entitled “Stay Invested in RI Wavemaker Fellowship” are

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hereby amended to read as follows:

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     42-64.26-3. Definitions.

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     As used in this chapter:

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     (1) “Eligible graduate” means an individual who meets the eligibility requirements under

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this chapter.

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     (2) “Applicant” means an eligible graduate who applies for a tax credit for education loan

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repayment expenses under this chapter.

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     (3) “Award” means a tax credit awarded by the commerce corporation to an applicant as

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provided under this chapter.

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     (4) “Taxpayer” means an applicant who receives a tax credit under this chapter.

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     (5) “Commerce corporation” means the Rhode Island commerce corporation established

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pursuant to chapter 64 of title 42.

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     (6) “Eligible expenses” or “education loan repayment expenses” means annual higher

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education loan repayment expenses, including, without limitation, principal, interest and fees, as

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may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to

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repay for attendance at a postsecondary institution of higher learning.

 

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     (7) “Eligibility period” means a term of up to four (4) consecutive service periods

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beginning with the date that an eligible graduate receives initial notice of award under this chapter

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and expiring at the conclusion of the fourth service period after such date specified.

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     (8) “Eligibility requirements” means the following qualifications or criteria required for an

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applicant to claim an award under this chapter:

6

     (i) That the applicant shall have graduated from an accredited two (2) year, four (4) year

7

or graduate postsecondary institution of higher learning with an associate’s, bachelor’s, graduate,

8

or post-graduate degree and at which the applicant incurred education loan repayment expenses;

9

     (ii) That the applicant shall be a full-time employee with a Rhode Island-based employer

10

located in this state throughout the eligibility period, whose employment is for work in one or more

11

of the following covered fields: life, natural or environmental sciences; computer, information or

12

software technology; advanced mathematics or finance; engineering; industrial design or other

13

commercially related design field; or medicine or medical device technology.

14

     (9) “Full-time employee” means a person who is employed by a business for consideration

15

for a minimum of at least thirty-five (35) hours per week, or who renders any other standard of

16

service generally accepted by custom or practice as full-time employment, or who is employed by

17

a professional employer organization pursuant to an employee leasing agreement between the

18

business and the professional employer organization for a minimum of thirty-five (35) hours per

19

week, or who renders any other standard of service generally accepted by custom or practice as

20

full-time employment, and whose wages are subject to withholding.

21

     (10) “Healthcare applicant” means any applicant that meets the eligibility requirements and

22

works as a full-time employee as a high-demand healthcare practitioner, as defined in regulations

23

to be promulgated by the commerce corporation, in consultation with the executive office of health

24

and human services, pursuant to chapter 35 of this title.

25

     (1011) “Service period” means a twelve (12) month period beginning on the date that an

26

eligible graduate receives initial notice of award under this chapter.

27

     (1112) “Student loan” means a loan to an individual by a public authority or private lender

28

to assist the individual to pay for tuition, books, and living expenses in order to attend a

29

postsecondary institution of higher learning.

30

     (1213) “Rhode Island-based employer” means (i) an employer having a principal place of

31

business or at least fifty-one percent (51%) of its employees located in this state; or (ii) an employer

32

registered to conduct business in this state that reported Rhode Island tax liability in the previous

33

tax year.

 

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RELATING TO ECONOMIC DEVELOPMENT
(Page 12 of 16)

1

     (1314) “STEM/designFund fund” refers to the “Stay Invested in RI Wavemaker Fellowship

2

Fund” established pursuant to § 42-64.26-4(a).

3

     (15) “Healthcare fund” refers to the “Healthcare Stay Invested in RI Wavemaker

4

Fellowship Fund” established pursuant to § 42-64.26-4(b).

5

     42-64.26-4. Establishment of fund — Purposes — Composition.

6

     (a) There is hereby established the "Stay Invested in RI Wavemaker Fellowship Fund" (the

7

“fund”) to be administered by the commerce corporation as set forth in this chapter.

8

     (b) There is hereby established the “Healthcare Stay Invested in RI Wavemaker Fellowship

9

Fund” to be administered by the commerce corporation as set forth in this chapter.

10

     (bc) The purpose of the fund STEM/design fund and healthcare fund is to expand

11

employment opportunities in the state and to retain talented individuals in the state by providing

12

tax credits in relation to education loan repayment expenses to applicants who meet the eligibility

13

requirements under this chapter.

14

     (cd) The fund STEM/design fund and healthcare fund shall consist of:

15

     (1) Money appropriated in the state budget to the fund;

16

     (2) Money made available to the fund through federal programs or private contributions;

17

and

18

     (3) Any other money made available to the fund.

19

     (de) The fund STEM/design fund shall be used to pay for the redemption of tax credits or

20

reimbursement to the state for tax credits applied against a taxpayer's the tax liability of any non-

21

healthcare applicant that received an award. The healthcare fund shall be used to pay for the

22

redemption of tax credits or reimbursement to the state for tax credits applied against the tax

23

liability of any healthcare applicant that received an award on or after July 1, 2022. The funds shall

24

be exempt from attachment, levy or any other process at law or in equity. The director of the

25

department of revenue shall make a requisition to the commerce corporation for funding during

26

any fiscal year as may be necessary to pay for the redemption of tax credits presented for

27

redemption or to reimburse the state for tax credits applied against a taxpayer's tax liability. The

28

commerce corporation shall pay from the funds such amounts as requested by the director of the

29

department of revenue necessary for redemption or reimbursement in relation to tax credits granted

30

under this chapter.

31

     42-64.26-5. Administration.

32

     (a) Application. An eligible graduate claiming an award under this chapter shall submit to

33

the commerce corporation an application in the manner that the commerce corporation shall

34

prescribe.

 

Art9
RELATING TO ECONOMIC DEVELOPMENT
(Page 13 of 16)

1

     (b) Upon receipt of a proper application from an applicant who meets all of the eligibility

2

requirements, the commerce corporation shall select applicants on a competitive basis to receive

3

credits for up to a maximum amount for each service period of one thousand dollars ($1,000) for

4

an associate’s degree holder, four thousand dollars ($4,000) for a bachelor’s degree holder, and six

5

thousand dollars ($6,000) for a graduate or post-graduate degree holder, but not to exceed the

6

education loan repayment expenses incurred by such taxpayer during each service period

7

completed, for up to four (4) consecutive service periods provided that the taxpayer continues to

8

meet the eligibility requirements throughout the eligibility period. The commerce corporation shall

9

delegate the selection of the applicants that are to receive awards to a fellowship committee to be

10

convened by the commerce corporation and promulgate the selection procedures the fellowship

11

committee will use, which procedures shall require that the committee’s consideration of

12

applications be conducted on a name-blind and employer-blind basis and that the applications and

13

other supporting documents received or reviewed by the fellowship committee shall be redacted of

14

the applicant’s name, street address, and other personally-identifying information as well as the

15

applicant’s employer’s name, street address, and other employer-identifying information. The

16

commerce corporation shall determine the composition of the fellowship committee and the

17

selection procedures it will use in consultation with the state’s chambers of commerce.

18

Notwithstanding the foregoing, the commerce corporation shall create and establish a committee

19

to evaluate any healthcare applicant for an award in the same manner as prescribed in this

20

paragraph. The executive office of health and human services (“EOHHS”) shall be represented on

21

the committee and provide consultation to the commerce corporation on selection procedures.

22

Notwithstanding EOHHS’s consultation and representation in the selection of healthcare

23

applicants, the commerce corporation shall administer all other aspects of a healthcare applicant’s

24

application, award, and certification.

25

      (c) The credits awarded under this chapter shall not exceed one hundred percent (100%)

26

of the education loan repayment expenses incurred by such taxpayer during each service period

27

completed for up to four (4) consecutive service periods. Tax credits shall be issued annually to the

28

taxpayer upon proof that (i) the taxpayer has actually incurred and paid such education loan

29

repayment expenses; (ii) the taxpayer continues to meet the eligibility requirements throughout the

30

service period; (iii) The award shall not exceed the original loan amount plus any capitalized

31

interest less award previously claimed under this section; and (iv) that the taxpayer claiming an

32

award is current on his or her student loan repayment obligations.

 

Art9
RELATING TO ECONOMIC DEVELOPMENT
(Page 14 of 16)

1

     (d) The commerce corporation shall not commit to overall STEM/design awards in excess

2

of the amount contained in the commerce STEM/design fund or to overall healthcare awards in

3

excess of the amount contained in the healthcare fund.

4

     (e) The commerce corporation shall reserve seventy percent (70%) of the awards issued in

5

a calendar year to applicants who are permanent residents of the state of Rhode Island or who

6

attended an institution of higher education located in Rhode Island when they incurred the

7

education loan expenses to be repaid.

8

     (f) In administering award, the commerce corporation shall:

9

     (1) Require suitable proof that an applicant meets the eligibility requirements for award

10

under this chapter;

11

     (2) Determine the contents of applications and other materials to be submitted in support

12

of an application for award under this chapter; and

13

     (3) Collect reports and other information during the eligibility period for each award to

14

verify that a taxpayer continues to meet the eligibility requirements for an award.

15

     42-64.26-12. Sunset.

16

     No incentives or credits shall be authorized pursuant to this chapter after December 31,

17

2022 2023.

18

     SECTION 9. Section 42-64.27-6 of the General Laws in Chapter 42-64.27 entitled “Main

19

Street Rhode Island Streetscape Improvement Fund” is hereby amended as follows:

20

     42-64.27-6. Sunset.

21

     No incentives shall be authorized pursuant to this chapter after December 31, 2022 2023.

22

     SECTION 10. Section 42-64.28-10 of the General Laws in Chapter 42-64.28 entitled

23

“Innovation Initiative” is hereby amended as follows:

24

     42-64.28-10. Sunset.

25

     No vouchers, grants, or incentives shall be authorized pursuant to this chapter after

26

December 31, 2022 2023.

27

     SECTION 11. Section 42-64.29-8 of the General Laws in Chapter 42-64.29 entitled

28

“Industry Cluster Grants” is hereby amended as follows:

29

     42-64.29-8. Sunset.

30

     No grants or incentives shall be authorized to be reserved pursuant to this chapter after

31

June 30, 2021 December 31, 2023.

32

     SECTION 12. Section 42-64.31-4 of the General Laws in Chapter 42-64.31 entitled “High

33

School, College, and Employer Partnerships” is hereby amended as follows:

34

     42-64.31-4. Sunset.

 

Art9
RELATING TO ECONOMIC DEVELOPMENT
(Page 15 of 16)

1

     No grants shall be authorized pursuant to this chapter after December 31, 2022 2023.

2

     SECTION 13. Section 42-64.32-6 of the General Laws in Chapter 42-64.32 entitled “Air

3

Service Development Fund” is hereby amended as follows:

4

     42-64.32-6. Sunset.

5

     No grants, credits, or incentives shall be authorized or authorized to be reserved pursuant

6

to this chapter after December 31, 2022 2023.

7

     SECTION 14. Section 44-48.3-14 of the General Laws in Chapter 44-48.3 entitled “Rhode

8

Island Qualified Jobs Incentive Act of 2015” is hereby amended as follows:

9

     44-48.3-14. Sunset.

10

     No credits shall be authorized to be reserved pursuant to this chapter after December 31,

11

2022 2023.

12

     SECTION 15. This Article shall take effect upon passage.

 

Art9
RELATING TO ECONOMIC DEVELOPMENT
(Page 16 of 16)