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art.007/8/007/7/007/6/007/5/007/4/007/3/007/2/007/1

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     ARTICLE 7 AS AMENDED

RELATING TO ECONOMIC DEVELOPMENT AND HOUSING

     SECTION 1. Section 28-43-1 of the General Laws in Chapter 28-43 entitled "Employment

Security — Contributions" is hereby amended to read as follows:

     28-43-1. Definitions.

     The following words and phrases as used in this chapter have the following meanings,

unless the context clearly requires otherwise:

     (1) “Balancing account” means a book account to be established within the employment

security fund, the initial balance of which shall be established by the director as of September 30,

1979, by transferring the balance of the solvency account on that date to the balancing account.

     (2) “Computation date” means September 30 of each year; provided, however, that in

calendar year 2024, for the purposes of establishing which schedule shall be in effect for tax year

2025, “computation date” means any date between September 30 and December 31 in the discretion

of the director of the department of labor.

     (3) “Eligible employer” means an employer who has had three (3) consecutive experience

years during each of which contributions have been credited to the employer’s account and benefits

have been chargeable to this account.

     (4) “Employer’s account” means a separate account to be established within the

employment security fund by the director as of September 30, 1958, for each employer subject to

chapters 42 — 44 of this title, out of the money remaining in that fund after the solvency account

has been established in the fund, by crediting to each employer an initial credit balance bearing the

same relation to the total fund balance so distributed, as his or her tax contributions to the fund

during the period beginning October 1, 1955, and ending on September 30, 1958, have to aggregate

tax contributions paid by all employers during the same period; provided, that nothing contained in

this section shall be construed to grant to any employer prior claim or rights to the amount

contributed by him or her to the fund.

     (5) “Experience rate” means the contribution rate assigned to an employer’s account under

whichever is applicable of schedules A — I in § 28-43-8.

     (6) “Experience year” means the period of twelve (12), consecutive calendar months

ending September 30 of each year.

     (7) “Most recent employer” means the last base-period employer from whom an individual

was separated from employment and for whom the individual worked for at least four (4) weeks,

and in each of those four (4) weeks had earnings of at least twenty (20) times the minimum hourly

wage as defined in chapter 12 of this title.

     (8) “Reserve percentage” means, in relation to an employer’s account, the net balance of

that account on a computation date, including any voluntary contributions made in accordance with

§ 28-43-5.1, stated as a percentage of the employer’s twelve-month (12) average taxable payroll

for the last thirty-six (36) months ended on the immediately preceding June 30.

     (9) “Reserve ratio of fund” means the ratio which the total amount available for the

payment of benefits in the employment security fund on September 30, 1979, or any computation

date thereafter, minus any outstanding federal loan balance, plus an amount equal to funds

transferred to the job development fund through the job development assessment adjustment for

the prior calendar year, bears to the aggregate of all total payrolls subject to this chapter paid during

the twelve-month (12) period ending on the immediately preceding June 30, or the twelve-month

(12) average of all total payrolls during the thirty-six-month (36) period ending on that June 30,

whichever percentage figure is smaller.

     (10) “Taxable payroll” means, for the purpose of this chapter, the total of all wages as

defined in § 28-42-3(29).

     (11) “Tax year” means the calendar year.

     (12) “Total payroll” means, for the purpose of this chapter, the total of all wages paid by

all employers who are required to pay contributions under the provisions of chapters 42 — 44 of

this title.

     (13) “Unadjusted reserve ratio of fund” means the ratio which the total amount available

for the payment of benefits in the employment security fund on September 30, 1979, or any

computation date thereafter, minus any outstanding federal loan balance, bears to the aggregate of

all total payrolls subject to this chapter paid during the twelve-month (12) period ending on the

immediately preceding June 30, or the twelve-month (12) average of all total payrolls during the

thirty-six-month (36) period ending on that June 30, whichever percentage figure is smaller.

     (14) “Voluntary contribution” means a contribution paid by an employer to his or her

account in accordance with § 28-43-5.1 to reduce the employer’s experience rate for the ensuing

tax year.

     SECTION 2. Section 42-64-36 of the General Laws in Chapter 42-64 entitled "Rhode

Island Commerce Corporation" is hereby amended to read as follows:

     42-64-36. Program accountability.

     (a) The board of the Rhode Island commerce corporation shall be responsible for

establishing accountability standards, reporting standards, and outcome measurements for each of

its programs to include, but not be limited to, the use of tax credits, loans, loan guarantees, and

other financial transactions managed or utilized by the corporation. Included in the standards shall

be a set of principles and guidelines to be followed by the board to include:

     (1) A set of outcomes against which the board will measure each program’s and offering’s

effectiveness;

     (2) A set of standards for risk analysis for all of the programs especially the loans and loan

guarantee programs; and

     (3) A process for reporting out all loans, loan guarantees, and any other financial

commitments made through the corporation that includes the purpose of the loan, financial data as

to payment history, and other related information.

     (b) The board shall annually prepare a report starting in January 2015 which shall be

submitted to the house and senate. The report shall summarize the above listed information on each

of its programs and offerings and contain recommendations for modification, elimination, or

continuation.

     (c) The commerce corporation shall prepare a report beginning January 1, 2019, which

shall be submitted to the house and senate within a period of thirty (30) forty-five (45) days of the

close of each quarter. The report shall summarize the information listed in subsection (a) of this

section on each of its programs and offerings, including any modifications, adjustments, clawbacks,

reallocations, alterations, or other changes, made from the close of the prior fiscal quarter and

include comparison data to the reports submitted pursuant to §§ 42-64.20-9(b), 42-64.21-8(a) and

(c), 42-64.22-14(a), 42-64.23-5(d), 42-64.24-5(d), 42-64.25-12, 42-64.26-6, 42-64.27-4, 42-64.28-

9, 42-64.29-7(a), 42-64.31-3, 44-48.3-13(b) and (c), chapters 64.20, 64.21, 64.22, 64.23, 64.24,

64.25, 64.26, 64.27, 64.28, 64.29, 64.30, 64.31, 64.32 of title 42 and § 44-48.3-13.

     (d) The board shall coordinate its efforts with the office of revenue analysis to not duplicate

information on the use of tax credits and other tax expenditures.

     SECTION 3. Sections 42-64.16-2 and 42-64.16-3 of the General Laws in Chapter 42-64.16

entitled "The Innovate Rhode Island Small Business Program" are hereby amended to read as

follows:

     42-64.16-2. Establishment of matching funds program.

     (a) There is established the Rhode Island SBIR/STTR Matching Funds Program to be

administered by STAC. In order to foster job creation and economic development in the state,

STAC may provide grants to eligible businesses to match funds received by a business as a SBIR

or STTR Phase I or II award, and to encourage businesses to apply for further SBIR or STTR

awards, and commercialize their technology and research.

     (b) Eligibility. In order to be eligible for a grant under this section, a business must satisfy

all of the following conditions:

     (1) The business must be a for-profit, Rhode Island-based business with fifty (50) or fewer

employees. For the purposes of this section, Rhode Island-based business is one that has its

principal place of business and at least fifty-one percent (51%) of its employees residing in this

state.

     (2) The business must have received an SBIR/STTR Phase I award from a participating

federal agency in response to a specific federal solicitation. To receive the full Phase I matching

grant, the business must also have submitted a final Phase I report, demonstrated that the sponsoring

agency has interest in the Phase II proposal, and submitted a Phase II proposal to the agency. To

receive the full Phase II matching grant, the business must also have submitted a final Phase II

report.

     (3) The business must satisfy all federal SBIR/STTR requirements.

     (4) The business shall not receive concurrent funding support from other sources that

duplicates the purpose of this section.

     (5) For a Phase I and II matching grant, the business must certify that at least fifty-one

percent (51%) of the research described in the federal SBIR/STTR Phase I, II and any further

SBIR/STTR proposals and commercialization will be conducted in this state and that the business

will remain a Rhode Island-based business for the duration of the SBIR/STTR Phase I, II any

further SBIR/STTR projects and commercialization.

     (6) For a Phase I and II matching grant, the business must demonstrate its ability to conduct

research in its SBIR/STTR Phase II proposal.

     (7) For a Phase III commercialization grant, the business must have completed their Phase

II SBIR/STTR award and submitted a final Phase II report.

     (8) For a Phase III commercialization grant, the business must certify that at least fifty-one

percent (51%) of the research described in the Phase III application and any other further

SBIR/STTR proposals and commercialization will be conducted in this state and that the business

will remain a Rhode Island-based business, as defined by § 42-64.16-2(b)(1) for at least five (5)

years following award of the Phase III grant.

     (c) Phase I and II Matching Grant. STAC may award grants to match the funds received

by a business through a SBIR/STTR Phase I or II proposal up to a maximum of one hundred fifty

three hundred thousand dollars ($150,000) ($300,000). Seventy-five percent (75%) of the total

grant shall be remitted to the business upon receipt of the SBIR/STTR Phase I or II award and

application for funds under this section. Twenty-five percent (25%) of the total grant shall be

remitted to the business upon submission by the business of the Phase II application to the funding

agency and acceptance of the Phase I or II report by the funding agency. A business may receive

only one grant under this section per year. A business may receive only one grant under this section

with respect to each federal proposal submission. Over its lifetime, a business may receive a

maximum of six (6) awards under this section.

     (d) Phase III Commercialization Grant. STAC may award grants of up to five hundred

thousand dollars ($500,000) to an eligible business to support commercialization of the results

achieved through SBIR/STTR Phase I and Phase II funding. Grants shall be approved in

consultation with the Rhode Island commerce corporation. Twenty-five percent (25%) of the total

grant funding shall be remitted to the business upon award of the Phase III grant and execution of

a grant agreement. Sixty-five percent (65%) of the total grant funding shall be remitted to the

business upon request for reimbursement for eligible research and development expenses, as

defined by STAC, in connection with the project for which the business received the award. Ten

percent (10%) of the total grant funding shall be remitted to the business five (5) years following

the date of award of the Phase III grant; provided that, the business has remained a Rhode Island-

based business, as defined by § 42-64.16-2(b)(1) for the duration of the grant period.

     (d)(e) Application. A business shall apply, under oath, to STAC for a grant under this

section on a form prescribed by STAC that includes at least all of the following:

     (1) The name of the business, the form of business organization under which it is operated,

and the names and addresses of the principals or management of the business.

     (2) For a Phase I or II matching grant, an acknowledgement of receipt of the Phase I or II

report and Phase II proposal by the relevant federal agency.

     (3) For a Phase III commercialization grant, an acknowledgement of the terms of the grant

and proof of eligibility, as defined in subsection (b) of this section.

     (3)(4) Any other information necessary for STAC to evaluate the application.

     42-64.16-3. Establishment of bioscience & engineering internship program.

     (a) There is hereby established the Innovate Rhode Island Bioscience & Engineering

Internship Program to be administered by STAC. In order to promote workforce development and

education in the bioscience and engineering fields and enhance the talent pipeline for Rhode Island

businesses engaged in the biosciences and engineering, STAC may reimburse eligible bioscience

and engineering companies for eligible internship stipends. The reimbursements shall be paid from

the Innovate Rhode Island Small Business Account established in this chapter.

     (b) Bioscience and engineering definitions.

     (1) Bioscience definition. For the purposes of this section, “bioscience” shall mean

advanced and applied sciences that expand the understanding of human physiology and have the

potential to lead to medical advances or therapeutic applications.

     (2) Engineering definition. For the purposes of this section, “engineering” shall mean the

creative application of advanced mathematics and natural sciences to design or develop complex

structures, machines, processes, or systems.

     (c) Business eligibility. In order to be eligible for reimbursement under this section, a

business must satisfy all of the following conditions:

     (1) The business must be a for-profit, Rhode Island-based business with fifty (50) or fewer

employees. For the purposes of this section, a Rhode Island-based business is one that has its

principal place of business and at least fifty-one percent (51%) of its employees in this state.

     (2) The business must be primarily engaged in a bioscience or engineering field and must

demonstrate its ability to conduct research in bioscience or engineering.

     (3) The business must host the internship in Rhode Island.

     (4) The business must offer interns a hands-on learning experience and at least one mentor

directly overseeing the internship.

     (5) Any two or more related businesses that are commonly controlled by any person or

entity, directly or indirectly, are limited to reimbursement under this section available for one

business only.

     (d) Intern eligibility. In order to be an eligible intern under this section, a prospective intern

must satisfy all of the following requirements:

     (1) The prospective intern must be a Rhode Island resident and must attend a college or

university located in Rhode Island.

     (2) For students enrolled in community college, the student must be enrolled in an

Associate’s Degree or Certificate program or completed one within the past year; for students

enrolled in four-year college or university, the student must have or will have completed at least

sophomore year the semester before the internship, or have graduated within the past year; for

graduate students, the student must be enrolled in a Master’s Degree program or received their

Master’s Degree within the past year.

     (3) The intern cannot be the spouse, child, grandchild, sibling, niece, nephew, or spouse of

a child, grandchild, sibling, niece, or nephew of any employee of the business.

     (4) The intern cannot participate in more than one internship subsidized under this section

in the same calendar year.

     (5) The intern cannot participate in more than two internships subsidized under this section,

over two calendar years, with the same business.

     (e) Reimbursement. STAC may reimburse eligible companies for pay rates up to twelve

dollars ($12) per hour the Rhode Island minimum wage, as defined in § 28-12-3, for a total

reimbursement of no more than three six thousand five hundred dollars ($3,000) ($6,500) per

eligible intern in a bioscience or engineering internship program. Businesses may seek

reimbursement for up to two (2) interns per calendar year. Interns shall be paid directly by the

eligible business. Eligible businesses may seek reimbursement under this section by providing

certification and proof of payment to STAC.

     (f) Business application. A business shall apply, under oath, to STAC to qualify for

reimbursement under this section on a form prescribed by STAC that includes at least all of the

following:

     (1) The name of the business, the form of business organization under which it is operated,

and the names and addresses of the principals or management of the business.

     (2) Certification that the business meets the requirements for eligibility under this section.

     (3) A description of the bioscience or engineering internship program that the business

intends to offer.

     (4) Any other information necessary for STAC to evaluate the application.

     (g) Prospective intern application. A prospective intern shall apply, under oath, to STAC

to qualify for an internship under this section on a form prescribed by STAC that includes at least

all of the following:

     (1) The prospective intern’s name, address, college or university, program of study, year

of study at the college or university, and degree of attainment.

     (2) Certification that prospective intern meets the requirements for eligibility under this

section.

     (3) Proof of Rhode Island residency.

     (4) Proof of enrollment in a college or university in Rhode Island or proof of having

graduated from a college or university in Rhode Island within the past year.

     (5) Resume and cover letter.

     (6) Any other information necessary for STAC to evaluate the application.

     (h) Application process. STAC may receive applications from businesses and prospective

interns throughout the calendar year and make determinations relating to eligibility under this

section. STAC may make available to eligible businesses the eligible intern applications. Eligible

businesses looking to host interns may review applications, interview candidates, and select and

hire interns according to their qualifications and the businesses’ needs.

     SECTION 4. Section 42-64.19-3 of the General Laws in Chapter 42-64.19 entitled

"Executive Office of Commerce" is hereby amended to read as follows:

     42-64.19-3. Executive office of commerce. [Effective January 1, 2024.]

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

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

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

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

schedule:

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

regulation;

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

department of administration;

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

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

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

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

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

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

and housing who shall report directly to the secretary of commerce. On July 1, 2022, the deputy

secretary of commerce and housing shall succeed to the position of secretary of housing, and the

position of deputy secretary of commerce and housing shall cease to exist under this chapter. All

references in the general laws to the deputy secretary of commerce and housing shall be construed

to mean the secretary of housing. The secretary of housing shall be appointed by and report directly

to the governor and shall assume all powers, duties, and responsibilities formerly held by the deputy

secretary of commerce and housing. Until the formation of the new department of housing pursuant

to chapter 64.34 of this title, the secretary of housing shall reside within the executive office of

commerce for administrative purposes only. The secretary of housing shall:

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

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

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

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

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

and/or development;

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

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

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

     (iii) Coordinate with all agencies directly related to any housing initiatives and participate

in the promulgation of any regulation having an impact on housing including, but not limited to,

the Rhode Island housing and mortgage finance corporation, the coastal resources management

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

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

of transportation (DOT) and statewide planning, and the Rhode Island housing resources

commission;

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

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

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

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

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

to, the following:

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

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

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

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

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

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

prior report;

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

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

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

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

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

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

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

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

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

accounting of all:

     (I) Single-family units;

     (II) Accessory dwelling units;

     (III) Two-family (2) units;

     (IV) Three-family (3) units;

     (V) Multi-unit sufficiently delineated units;

     (VI) Mixed use sufficiently delineated units; and

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

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

     (I) Single-family units;

     (II) Accessory dwelling units;

     (III) Two-family (2) units;

     (IV) Three-family (3) units;

     (V) Multi-unit sufficiently delineated units;

     (VI) Mixed use sufficiently delineated units; and

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

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

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

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

approval;

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

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

each approval;

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

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

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

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

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

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

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

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

average and median costs of those units;

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

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

state, or other public support; and

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

affordability level, by unit type;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (v) Have direct oversight over the office of housing and community development (OHCD)

and shall be responsible for coordinating with the secretary of commerce a shared staffing

arrangement until June 30, 2023, to carry out the provisions of this chapter;

     (vi) On or before November 1, 2022, develop a housing organizational plan to be provided

to the general assembly that includes a review, analysis, and assessment of functions related to

housing of all state departments, quasi-public agencies, boards, and commissions. Provided,

further, the secretary, with the input from each department, agency, board, and commission, shall

include in the plan comprehensive options, including the advantages and disadvantages of each

option and recommendations relating to the functions and structure of the new department of

housing;

     (vii) Establish rules and regulations as set forth in § 45-24-77.

     (b) In this capacity, the office shall:

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

to:

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

the state;

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

growth of the state’s economy;

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

federal financial participation, grants, and awards;

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

commercial enterprises are supported and provided programs and services that will grow and

nurture the Rhode Island economy; and

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

     (2) [Deleted by P.L. 2022, ch. 388, § 1 and P.L. 2022, ch. 442, § 1.]

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

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

reform and improvement of the regulatory function of the state.

     SECTION 5. Sections 42-64.20-7 and 42-64.20-10 of the General Laws in Chapter 42-

64.20 entitled "Rebuild Rhode Island Tax Credit" are hereby amended to read as follows:

     42-64.20-7. Rebuild Rhode Island tax credit fund.

     (a) There is hereby established at the commerce corporation a restricted account known as

the rebuild Rhode Island tax-credit fund (the “fund”) in which all amounts appropriated for the

program created under this chapter and returns on investments from the fund shall be deposited.

The fund shall be used (1) To pay for the redemption of tax credits or reimbursement to the state

for tax credits applied against a taxpayer’s liability; and (2) To redeem or reimburse the state for

any sales and use tax exemptions allowed pursuant to this chapter. The commerce corporation may

pledge and reserve amounts deposited into the fund for the purpose of securing payment for the

redemption of tax credits or for making reimbursements to municipalities pursuant to chapter 64.22

of this title. The fund shall be exempt from attachment, levy, or any other process at law or in

equity. The director of the department of revenue shall make a requisition to the commerce

corporation for funding during any fiscal year as may be necessary to pay for the redemption of tax

credits presented for redemption or to reimburse the state for tax credits applied against a taxpayer’s

tax liability. The commerce corporation shall pay from the fund such amounts as requested by the

director of the department of revenue necessary for redemption or reimbursement in relation to tax

credits granted under this chapter; provided, however, that the commerce corporation shall not be

required to pay from the fund such sums pledged and reserved by the commerce corporation, as

permitted in this section, except for redemption of tax credits.

     (b) Notwithstanding anything in this chapter to the contrary, the commerce corporation

may make a loan or equity investment as an alternative incentive in lieu of the provision of tax

credits so long as the applicant otherwise qualifies for tax credits under this chapter. In addition to

the qualification requirements of this chapter, any loan or equity investment shall be subject to the

provisions of §§ 42-64.20-5(b), (f), (g), (h), (i), (j), (q), (r) and (s), 42-64.20-7, 42-64.20-8, 42-

64.20-9, and 42-64.20-10 as if the loan or equity investment were a tax credit. The commerce

corporation may pay, reserve, and/or pledge monies for a loan or equity investment from the fund.

     42-64.20-10. Sunset.

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

2024 December 31, 2025.

     SECTION 6. Section 42-64.21-9 of the General Laws in Chapter 42-64.21 entitled "Rhode

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

     42-64.21-9. Sunset.

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

31, 2024 December 31, 2025.

     SECTION 7. Section 42-64.22-15 of the General Laws in Chapter 42-64.22 entitled "Tax

Stabilization Incentive" is hereby amended to read as follows:

     42-64.22-15. Sunset.

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

31, 2024 December 31, 2025.

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

Wave Closing Fund" is hereby amended to read as follows:

     42-64.23-8. Sunset.

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

2024 December 31, 2025.

     SECTION 9. Section 42-64.24-8 of the General Laws in Chapter 42-64.24 entitled "I-195

Redevelopment Project Fund" is hereby amended to read as follows:

     42-64.24-8. Sunset.

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

to this chapter after December 31, 2024 December 31, 2025.

     SECTION 10. Section 42-64.25-14 of the General Laws in Chapter 42-64.25 entitled

"Small Business Assistance Program" is hereby amended to read as follows:

     42-64.25-14. Sunset.

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

December 31, 2024 December 31, 2025.

     SECTION 11. Sections 42-64.26-3 and 42-64.26-12 of the General Laws in Chapter 42-

64.26 entitled "Stay Invested in RI Wavemaker Fellowships" are hereby amended to read as

follows:

     42-64.26-3. Definitions.

     As used in this chapter:

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

repayment expenses under this chapter.

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

provided under this chapter.

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

pursuant to chapter 64 of this title.

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

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

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

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

applicant to claim an award under this chapter:

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

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

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

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

located in this state throughout the eligibility period, whose employment is:

     (A) For work in one or more of the following covered fields: life, natural or environmental

sciences; computer, information or software technology; advanced mathematics or finance;

engineering; industrial design or other commercially related design field; or medicine or medical

device technology;

     (B) As a teacher; or

     (C) As a healthcare applicant.

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

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

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

repay for attendance at a postsecondary institution of higher learning.

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

this chapter.

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

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

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

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

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

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

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

     (9) “Fund” refers to the “Stay Invested in RI Wavemaker Fellowship Fund” established

pursuant to § 42-64.26-4(a).

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

and works as a full-time employee as a high-demand healthcare practitioner or mental health

professional, including, but not limited to, clinical social workers and mental health counselors

licensed by the department of health, and as defined in regulations to be promulgated by the

commerce corporation, in consultation with the executive office of health and human services,

pursuant to chapter 35 of this title.

     (11) "Primary care" means healthcare services that cover a range of prevention, wellness

and treatment for common illnesses and injuries. Primary care includes patients making an initial

approach to a healthcare professional for treatment as well as long-term relationships established

between a patient and a healthcare professional and may include family medicine or medical care,

general internal medicine or medical care, and general medical practice.

     (11)(12) “Rhode Island-based employer” means: (i) An employer having a principal place

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

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

previous tax year.

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

eligible graduate receives initial notice of award under this chapter.

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

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

postsecondary institution of higher learning.

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

     (15)(16) “Teacher” shall have the meaning prescribed to it in rules and regulations to be

promulgated by the commerce corporation in consultation with the Rhode Island department of

elementary and secondary education.

     42-64.26-12. Sunset.

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

2024 December 31, 2025.

     SECTION 12. Section 42-64.27-6 of the General Laws in Chapter 42-64.27 entitled "Main

Street Rhode Island Streetscape Improvement Fund" is hereby amended to read as follows:

     42-64.27-6. Sunset.

     No incentives shall be authorized pursuant to this chapter after December 31, 2024

December 31, 2025.

     SECTION 13. Sections 42-64.28-2, 42-64.28-3, 42-64.28-4, 42-64.28-5, 42-64.28-6, 42-

64.28-7, 42-64.28-9 and 42-64.28-10 of the General Laws in Chapter 42-64.28 entitled "Innovation

Initiative" are hereby amended to read as follows:

     42-64.28-2. Definitions.

     As used in this chapter:

     (1) “Commerce corporation” 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);

     (2)(3) “Manufacturer” shall mean 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.

     (3)(4) “Match” shall mean a funding match, or in kind services provided by a third party.

     (4)(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.

     (5)(6) “Small business manufacturer” shall mean a business that meets the definitions of

terms small business and manufacturer as defined herein.

     (6)(7) “Targeted industry” 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.

     42-64.28-3. Programs established.

     (a) The Rhode Island commerce corporation shall establish a voucher program and an

innovation network program as provided under this chapter. The programs are subject to available

appropriations and such other funding as may be dedicated to the programs.

     (b) There is established an account in the name of the “innovation initiative fund” (the

“fund”) under the control of the commerce corporation to fund the programs.

     (1) The fund shall consist of:

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

     (ii) Money made available to the fund through federal grants, programs, or private

contributions;

     (iii) Application or other fees paid to the fund to process applications for awards under this

chapter; and

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

     (c) Voucher program. The commerce corporation is authorized to develop and implement

an innovation voucher program to provide financing to small businesses to purchase research and

development support or other forms of technical assistance and services from Rhode Island

institutions of higher education and other providers and to fund research and development by and

for small business manufacturers.

     (d) Innovation network program. The commerce corporation is authorized to provide

innovation grants to organizations, including nonprofit organizations, for-profit organizations,

universities, and co-working space operators that offer technical assistance, space on flexible terms,

and access to capital to businesses in advanced or targeted industries, or businesses that are

evaluating a transition to become employee-owned businesses, regardless of industry. The

commerce corporation shall only issue grants under this subsection when those grants are matched

by private-sector or nonprofit partners. The commerce corporation shall establish guidelines for

appropriate matching criteria under this section, including necessary matching ratios.

     (e) Invention incentive program. The commerce corporation is authorized to develop and

implement an invention incentive program to provide grants to small businesses and individuals to

reduce barriers to filing a patent application. The commerce corporation shall establish guidelines

for eligible recipients under this section, including industry, business size, and other criteria.

     42-64.28-4. Eligible uses.

     (a) Vouchers available under this chapter shall be used for the benefit of small businesses

to access technical assistance and other services including, but not limited to: research,

technological development, product development, commercialization, market development,

technology exploration, and improved business practices that implement strategies to grow

business and create operational efficiencies.

     (b) Vouchers available under this chapter shall be used to provide funding to finance

internal research and development by and for small business manufacturers, including, but not

limited to: research, technological development, product development, commercialization, market

development, technology exploration, and improved business practices that implement strategies

to grow business and create operational efficiencies. Subject to appropriation, the commerce

corporation shall reserve an amount not to exceed fifty percent (50%) of the voucher program’s

annual appropriation to be made available in fiscal year 2018 for vouchers awarded to small

business manufacturers under this subsection.

     (c) Matching fund awards shall be used for the benefit of small businesses in industries

designated from time to time by the corporation, including without limitation: life science and

healthcare, food and agriculture, clean technology and energy efficiency, and cyber security to pay

for and access technological assistance, to procure space on flexible terms, and to access capital

from organizations, including nonprofit organizations, for-profit organizations, universities, and

co-working space businesses. Provided, however, that any business that is evaluating a transition

to become an employee-owned business, regardless of industry, shall be an eligible beneficiary of

a matching fund award.

     (d) Grant awards through the invention incentive program shall be used in the form of

reimbursement for allowable expenses incurred, per regulations promulgated by the commerce

corporation, in connection with the submission of a patent application to the United States Patent

and Trademark Office. Reimbursement shall only occur following the submission of a patent

application by the eligible recipient. No more than one award per individual shall be allowed.

     42-64.28-5. Qualification.

     (a) To qualify for a voucher, for an invention incentive grant, or for a matching fund award

under this chapter, a business or individual must make application to the commerce corporation,

and upon selection, shall enter into an agreement with the commerce corporation. The commerce

corporation shall have no obligation to issue any voucher, make any award, or grant any benefits

under this chapter.

     (b) In a given tax year, a business shall not receive a voucher or matching-fund award

provided for under this chapter in conjunction with the tax credit provided for in § 44-32-3.

     42-64.28-6. Voucher amounts and matching fund awards

     (a) Voucher award amounts to a selected applicant shall be determined by the corporation,

to be in the minimum amount of five thousand dollars ($5,000) and the maximum amount of

seventy-five thousand dollars ($75,000), subject to appropriations or other available moneys in the

fund.

     (b) Matching fund awards shall be awarded to organizations in an amount approved by the

corporation, subject to appropriations or other available moneys in the fund.

     (c) Invention incentive grant amounts shall not exceed five thousand dollars ($5,000) per

awardee, subject to appropriations or other available monies in the fund.

     42-64.28-7. Rules and regulations.

     The commerce corporation is hereby authorized to promulgate such rules and regulations

as are necessary to fulfill the purposes of this chapter, including the criteria by which voucher,

invention incentive grant, and matching fund applications will be judged, awards will be approved,

and vendors of services will be approved.

     42-64.28-9. Reporting requirements.

     The commerce corporation shall submit a report annually, no later than sixty (60) days

after the end of the fiscal year to the speaker of the house and the president of the senate detailing:

(1) the total amount of innovation vouchers, invention incentive grants, and matching funds

awarded; (2) the number of innovation vouchers, invention incentive grants, and matching fund

awards approved, (3) the amount of each voucher, invention incentive grant, or matching fund

award and a description of services purchased; and (4) such other information as the commerce

corporation deems necessary.

     42-64.28-10. Sunset.

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

December 31, 2024 December 31, 2025.

     SECTION 14. Section 42-64.31-4 of the General Laws in Chapter 42-64.31 entitled "High

School, College, and Employer Partnerships" is hereby amended to read as follows:

     42-64.31-4. Sunset.

     No grants shall be authorized pursuant to this chapter after December 31, 2024 December

31, 2025.

     SECTION 15. Section 42-64.32-6 of the General Laws in Chapter 42-64.32 entitled "Air

Service Development Fund" is hereby amended to read as follows:

     42-64.32-6. Sunset.

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

to this chapter after December 31, 2024 December 31, 2027.

     SECTION 16. Section 42-64.33-4 of the General Laws in Chapter 42-64.33 entitled "The

Rhode Island Small Business Development Fund" is hereby amended to read as follows:

     42-64.33-4. Application, approval and allocations.

     (a) A small business development fund that seeks to have an equity or debt investment

certified as a capital investment and eligible for credits under this chapter shall apply to the

corporation. The corporation shall begin accepting applications within ninety (90) days of July 5,

2019. The small business development fund shall include the following:

     (1) The amount of capital investment requested;

     (2) A copy of the applicant’s or an affiliate of the applicant’s license as a rural business

investment company under 7 U.S.C. § 2009cc, or as a small business investment company under

15 U.S.C. § 681, and a certificate executed by an executive officer of the applicant attesting that

the license remains in effect and has not been revoked;

     (3) Evidence that, as of the date the application is submitted, the applicant or affiliates of

the applicant have invested at least one hundred million dollars ($100,000,000) in nonpublic

companies;

     (4) An estimate of the number of jobs that will be created or retained in this state as a result

of the applicant’s qualified investments;

     (5) A business plan that includes a strategy for reaching out to and investing in minority

business enterprises and a revenue impact assessment projecting state and local tax revenue to be

generated by the applicant’s proposed qualified investment prepared by a nationally recognized,

third-party, independent economic forecasting firm using a dynamic economic forecasting model

that analyzes the applicant’s business plan over the ten (10) years following the date the application

is submitted to the corporation; and

     (6) A nonrefundable application fee of five thousand dollars ($5,000), payable to the

corporation.

     (b) Within thirty (30) days after receipt of a completed application, the corporation shall

grant or deny the application in full or in part. The corporation shall deny the application if:

     (1) The applicant does not satisfy all of the criteria described in subsection (a) of this

section;

     (2) The revenue impact assessment submitted with the application does not demonstrate

that the applicant’s business plan will result in a positive economic impact on this state over a ten-

year (10) period that exceeds the cumulative amount of tax credits that would be issued to the

applicant if the application were approved; or

     (3) The corporation has already approved the maximum amount of capital investment

authority under subsection (g) of this section.

     (c) If the corporation denies any part of the application, it shall inform the applicant of the

grounds for the denial. If the applicant provides any additional information required by the

corporation or otherwise completes its application within fifteen (15) days of the notice of denial,

the application shall be considered completed as of the original date of submission. If the applicant

fails to provide the information or fails to complete its application within the fifteen-day (15)

period, the application remains denied and must be resubmitted in full with a new submission date.

     (d) If the application is deemed to be complete and the applicant deemed to meet all of the

requirements of subsections (a) and (b), the corporation shall certify the proposed equity or debt

investment as a capital investment that is eligible for credits under this chapter, subject to the

limitations contained in subsection (g) of this section. The corporation shall provide written notice

of the certification to the small business development fund.

     (e) The corporation shall certify capital investments in the order that the applications were

received by the corporation. Applications received on the same day shall be deemed to have been

received simultaneously.

     (f) For applications that are complete and received on the same day, the corporation shall

certify applications in proportionate percentages based upon the ratio of the amount of capital

investments requested in an application to the total amount of capital investments requested in all

applications.

     (g) The corporation shall certify sixty-five forty million dollars ($65,000,000)

($40,000,000) in capital investments pursuant to this section; provided that not more than twenty

million dollars ($20,000,000) may be allocated to any individual small business development fund

certified under this section.

     (h) Within sixty (60) days of the applicant receiving notice of certification, the small

business development fund shall issue the capital investment to and receive cash in the amount of

the certified amount from a small business fund investor. At least forty-five percent (45%) of the

small business fund investor’s capital investment shall be composed of capital raised by the small

business fund investor from sources, including directors, members, employees, officers, and

affiliates of the small business fund investor, other than the amount of capital invested by the

allocatee claiming the tax credits in exchange for the allocation of tax credits; provided that at least

ten percent (10%) of the capital investment shall be derived from the small business investment

fund’s managers. The small business development fund shall provide the corporation with evidence

of the receipt of the cash investment within sixty-five (65) days of the applicant receiving notice of

certification. If the small business development fund does not receive the cash investment and issue

the capital investment within the time period following receipt of the certification notice, the

certification shall lapse and the small business development fund shall not issue the capital

investment without reapplying to the corporation for certification. Lapsed certifications revert to

the authority and shall be reissued pro rata to applicants whose capital investment allocations were

reduced pursuant to this chapter and then in accordance with the application process.

     SECTION 17. Chapter 42-64.33 of the General Laws entitled "The Rhode Island Small

Business Development Fund" is hereby amended by adding thereto the following section:

     42-64.33-10. Sunset.

     No new fund applications shall be granted and no credits shall be authorized to be reserved

pursuant to this chapter after June 30, 2024.

     SECTION 18. Sections 42-64.34-1 and 42-64.34-2 of the General Laws in Chapter 42-

64.34 entitled "The Department of Housing" are hereby amended to read as follows:

     42-64.34-1. Department established. [Effective January 1, 2024.]

     Effective January 1, 2023, there is hereby established within the executive branch of the

state government a department of housing. The head of the department shall be the secretary of

housing, who shall be appointed by the governor with the advice and consent of the senate. The

position of secretary is hereby created in the unclassified service. The secretary shall hold office at

the pleasure of the governor. Before entering upon the discharge of duties, the secretary shall take

an oath to faithfully execute the duties of the office. The secretary of housing shall:

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

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

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

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

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

and/or development;

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

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

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

     (iii) Coordinate with all agencies directly related to any housing initiatives and participate

in the promulgation of any regulation having an impact on housing including, but not limited to,

the Rhode Island housing and mortgage finance corporation, the coastal resources management

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

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

of transportation (DOT) and statewide planning, and the Rhode Island housing resources

commission;

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

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

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

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

before April 15, 2025, and annually thereafter. This report shall include, but not be limited to, the

following:

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

     (B) Every three (3) years, beginning in 2026 and contingent upon funding for data

collection, an assessment of the suitability of existing housing stock in meeting accessibility needs

of residents;

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

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

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

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

previous calendar year;

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

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

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

     (G) Every three (3) years, beginning in 2026, a projection of the number of units required

to meet estimated population growth and based upon household formation rates;

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

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

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

accounting of all:

     (I) Single-family units;

     (II) Accessory dwelling units;

     (III) Two-family (2) units;

     (IV) Three-family (3) units;

     (V) Multi-unit sufficiently delineated units;

     (VI) Mixed use sufficiently delineated units; and

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

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

     (I) Single-family units;

     (II) Accessory dwelling units;

     (III) Two-family (2) units;

     (IV) Three-family (3) units;

     (V) Multi-unit sufficiently delineated units;

     (VI) Mixed use sufficiently delineated units; and

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

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

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

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

appeal approval;

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

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

each approval;

     (M) A reporting of affordability that shall include the following:

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

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

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

income housing units by municipality required to satisfy the ten percent (10%) requirement

pursuant to chapter 24 of title 45; including the average and median costs of those units;

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

housing, including a comparison to fair-market rent; including the average and median costs of

those units;

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

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

state, or other public support;

     (VI) The disparities in mortgage loan financing by race and ethnicity based on Home

Mortgage Disclosure Act data by available geographies;

     (VII) The annual median gross rent growth for each of the previous five (5) years by

municipality; and

     (VIII) The annual growth in median owner-occupied home values for each of the previous

five (5) years by municipality;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     (P) Municipal governments shall provide the Department of Housing’s requested data

relevant to this report on or before February 15, 2025 and annually thereafter.

     (v) Have direct oversight over the office of housing and community development (OHCD);

     (vi) On or before November 1, 2022, and on or before December 31, 2024 develop a

housing organizational plan to be provided to the general assembly that includes a review, analysis,

and assessment of functions related to housing of all state departments, quasi-public agencies,

boards, and commissions. Provided, further, the secretary, with the input from each department,

agency, board, and commission, shall include in the plan comprehensive options, including the

advantages and disadvantages of each option and recommendations relating to the functions and

structure of the department of housing, including suggested statutory revisions.

     (vii) Establish rules and regulations as set forth in § 45-24-77.

     42-64.34-2. Powers and duties. [Effective January 1, 2024.]

     (a) The department of housing shall be the state’s lead agency for housing, homelessness,

and community development in the state of Rhode Island.

     (b) The secretary of housing shall have the following powers and duties:

     (1) All powers and duties pursuant to § 42-64.19-3(a)(4) chapter 64.34 of title 42;

     (2) To supervise the work of the department of housing and to act as its chief administrative

officer;

     (3) To coordinate the administration and financing of various departments or offices within

the department of housing;

     (4) To serve as the governor’s chief advisor and liaison to federal policymakers on housing,

homelessness, and community development as well as the principal point of contact on any such

related matters;

     (5) To coordinate the housing, homelessness, and community development programs of

the state of Rhode Island and its departments, agencies, commissions, corporations, and

subdivisions;

     (6) To employ such personnel and contracts for such consulting services as may be required

to perform the powers and duties conferred upon the secretary of housing;

     (7) To oversee and direct the administration of funds that may be appropriated from time

to time to the department of housing; and

     (8) Creation of a written guide for consumers relating to the rights and duties of landlords

and tenants pursuant to chapter 18 of title 34, which the secretary shall update at minimum on an

biennial basis. The guide shall be posted on the website of the department of housing and shall be

published in both English and Spanish.

     (c) In addition to such other powers as may otherwise be delegated elsewhere to the

department of housing, the department is hereby expressly authorized, by and through the secretary

of housing:

     (1) To purchase, receive, lease, or otherwise acquire, own, hold, improve, use, and

otherwise deal in and with, real or personal property, or any interest in real or personal property,

wherever situated;

     (2) To accept any gifts or grants or loans of funds or property or financial or other aid in

any form from the federal government or any agency or instrumentality of the federal government,

or from the state or any agency or instrumentality of the state, or from any other source and to

comply, subject to the provisions of this chapter, with the terms and conditions of the gifts, grants,

or loans;

     (3) Subject to the provisions of § 37-2-1 et seq., to negotiate and to enter into contracts,

agreements, and cooperative agreements with agencies and political subdivisions of the state, not-

for-profit corporations, for-profit corporations, and other partnerships, associations, and persons

for any lawful purpose necessary and desirable to effectuate the purposes of the department of

housing; and

     (4) To carry out this chapter and perform the duties of the general laws and public laws

insofar as those provisions relate to any regulatory areas within the jurisdiction of the department

of housing.

     SECTION 19. Section 42-128-2 of the General Laws in Chapter 42-128 entitled "Rhode

Island Housing Resources Act of 1998" is hereby amended to read as follows:

     42-128-2. Rhode Island housing resources agency created.

     There is created within the executive department a housing resources agency with the

following purposes, organization, and powers:

     (1) Purposes:

     (i) To provide coherence to the housing programs of the state of Rhode Island and its

departments, agencies, commissions, corporations, and subdivisions.

     (ii) To provide for the integration and coordination of the activities of the Rhode Island

housing and mortgage finance corporation and the Rhode Island housing resources commission.

     (2) Coordinating committee — Created — Purposes and powers:

     (i) The coordinating committee of the housing resources agency shall be comprised of the

chairperson of the Rhode Island housing and mortgage finance corporation; the chairperson of the

Rhode Island housing resources commission; the director of the department of administration, or

the designee of the director; and the executive director of the Rhode Island housing and mortgage

finance corporation. The chairperson of the Rhode Island housing resources commission shall be

chairperson of the coordinating committee.

     (ii) The coordinating committee:

     (A) Shall develop and implement, with the approval of the Rhode Island housing and

mortgage finance corporation and the Rhode Island housing resources commission, a memorandum

of agreement describing the fiscal and operational relationship between the Rhode Island housing

and mortgage finance corporation and the Rhode Island housing resources commission and shall

define which programs of federal assistance will be applied for on behalf of the state by the Rhode

Island housing and mortgage finance corporation and the Rhode Island housing resources

commission.

     (B) Is authorized and empowered to negotiate and to enter into contracts and cooperative

agreements with agencies and political subdivisions of the state, not-for-profit corporations, for

profit corporations, and other partnerships, associations and persons for any lawful purpose

necessary and desirable to effect the purposes of this chapter, subject to the provisions of chapter 2

of title 37 as applicable.

     (3) There is hereby established a restricted receipt account within the general fund of the

state known as the Housing Resources and Homelessness restricted receipt account. Funds from

this account shall be administered by the Department of Housing through the Housing Resources

Commission until such time as § 42-128-2(4) takes effect and shall be used to provide for housing

and homelessness initiatives including housing production, lead hazard abatement, housing rental

subsidy, housing retention assistance, and homelessness services and prevention assistance with

priority to veterans.

     (4) Effective December 31, 2024 or after fulfillment of the reporting requirements

established under § 42-64.34-1(vi), whichever is later, the restricted account established under §

42-128-2(3) shall be administered by the Department of Housing in consultation with the Housing

Resources Commission. Funds in this account will be used in accordance with the uses established

in § 42-128-2(3).

     SECTION 20. Section 44-25-1 of the General Laws in Chapter 44-25 entitled "Real Estate

Conveyance Tax" is hereby amended to read as follows:

     44-25-1. Tax imposed — Payment — Burden.

     (a) There is imposed, on each deed, instrument, or writing by which any lands, tenements,

or other realty sold is granted, assigned, transferred, or conveyed to, or vested in, the purchaser or

purchasers, or any other person or persons, by his, her, or their direction, or on any grant,

assignment, transfer, or conveyance or such vesting, by such persons that has the effect of making

any real estate company an acquired real estate company, when the consideration paid exceeds one

hundred dollars ($100), a tax at the rate of two dollars and thirty cents ($2.30) for each five hundred

dollars ($500), or fractional part of it, that is paid for the purchase of property or the interest in an

acquired real estate company (inclusive of the value of any lien or encumbrance remaining at the

time the sale, grant, assignment, transfer or conveyance or vesting occurs, or in the case of an

interest in an acquired real estate company, a percentage of the value of such lien or encumbrance

equivalent to the percentage interest in the acquired real estate company being granted, assigned,

transferred, conveyed or vested). The tax is payable at the time of making, the execution, delivery,

acceptance or presentation for recording of any instrument affecting such transfer grant,

assignment, transfer, conveyance or vesting. In the absence of an agreement to the contrary, the tax

shall be paid by the grantor, assignor, transferor or person making the conveyance or vesting.

     (b) In addition to the tax imposed by subsection (a), there is imposed, on each deed,

instrument, or writing by which any residential real property sold is granted, assigned, transferred,

or conveyed to, or vested in, the purchaser or purchasers, or any other person or persons, by his,

her, or their direction, or on any grant, assignment, transfer, or conveyance or such vesting, by such

persons that has the effect of making any real estate company an acquired real estate company,

when the consideration paid exceeds eight hundred thousand dollars ($800,000), a tax at the rate of

two dollars and thirty cents ($2.30) for each five hundred dollars ($500), or fractional part of it, of

the consideration in excess of eight hundred thousand dollars ($800,000) that is paid for the

purchase of property or the interest in an acquired real estate company (inclusive of the value of

any lien or encumbrance remaining at the time the sale, grant, assignment, transfer, or conveyance

or vesting occurs, or in the case of an interest in an acquired real estate company, a percentage of

the value of such lien or encumbrance equivalent to the percentage interest in the acquired real

estate company being granted, assigned, transferred, conveyed, or vested). The tax imposed by this

subsection shall be paid at the same time and in the same manner as the tax imposed by subsection

(a).

     (c) In the event no consideration is actually paid for the lands, tenements, or realty, the

instrument or interest in an acquired real estate company of conveyance shall contain a statement

to the effect that the consideration is such that no documentary stamps are required.

     (d) The tax shall be distributed as follows:

     (1) With respect to the tax imposed by subsection (a): the tax administrator shall contribute

to the distressed community relief program the sum of thirty cents ($.30) per two dollars and thirty

cents ($2.30) of the face value of the stamps to be distributed pursuant to § 45-13-12, and to the

housing resources commission and homelessness restricted receipts receipt account established

pursuant to § 42-128-2 the sum of thirty cents ($.30) per two dollars and thirty cents ($2.30) of the

face value of the stamps. Funds will be administered by the office of housing and community

development, through the housing resources commission. The state shall retain sixty cents ($.60)

for state use. The balance of the tax shall be retained by the municipality collecting the tax.

     (2) With respect to the tax imposed by subsection (b): the tax administrator shall contribute

the entire tax to the housing production fund established pursuant to § 42-128-2.1.

     (3) Notwithstanding the above, in the case of the tax on the grant, transfer, assignment or

conveyance or vesting with respect to an acquired real estate company, the tax shall be collected

by the tax administrator and shall be distributed to the municipality where the real estate owned by

the acquired real estate company is located; provided, however, in the case of any such tax collected

by the tax administrator, if the acquired real estate company owns property located in more than

one municipality, the proceeds of the tax shall be allocated amongst said municipalities in the

proportion the assessed value of said real estate in each such municipality bears to the total of the

assessed values of all of the real estate owned by the acquired real estate company in Rhode Island.

Provided, however, in fiscal years 2004 and 2005, from the proceeds of this tax, the tax

administrator shall deposit as general revenues the sum of ninety cents ($.90) per two dollars and

thirty cents ($2.30) of the face value of the stamps. The balance of the tax on the purchase of

property shall be retained by the municipality collecting the tax. The balance of the tax on the

transfer with respect to an acquired real estate company, shall be collected by the tax administrator

and shall be distributed to the municipality where the property for which interest is sold is

physically located. Provided, however, that in the case of any tax collected by the tax administrator

with respect to an acquired real estate company where the acquired real estate company owns

property located in more than one municipality, the proceeds of the tax shall be allocated amongst

the municipalities in proportion that the assessed value in any such municipality bears to the

assessed values of all of the real estate owned by the acquired real estate company in Rhode Island.

     (e) For purposes of this section, the term “acquired real estate company” means a real estate

company that has undergone a change in ownership interest if (1) The change does not affect the

continuity of the operations of the company; and (2) The change, whether alone or together with

prior changes has the effect of granting, transferring, assigning, or conveying or vesting,

transferring directly or indirectly, 50% or more of the total ownership in the company within a

period of three (3) years. For purposes of the foregoing subsection (e)(2), a grant, transfer,

assignment, or conveyance or vesting, shall be deemed to have occurred within a period of three

(3) years of another grant(s), transfer(s), assignment(s), or conveyance(s) or vesting(s) if during the

period the granting, transferring, assigning, or conveying party provides the receiving party a

legally binding document granting, transferring, assigning, or conveying or vesting the realty or a

commitment or option enforceable at a future date to execute the grant, transfer, assignment, or

conveyance or vesting.

     (f) A real estate company is a corporation, limited liability company, partnership, or other

legal entity that meets any of the following:

     (1) Is primarily engaged in the business of holding, selling, or leasing real estate, where

90% or more of the ownership of the real estate is held by 35 or fewer persons and which company

either (i) derives 60% or more of its annual gross receipts from the ownership or disposition of real

estate; or (ii) owns real estate the value of which comprises 90% or more of the value of the entity’s

entire tangible asset holdings exclusive of tangible assets that are fairly transferrable and actively

traded on an established market; or

     (2) Ninety percent or more of the ownership interest in such entity is held by 35 or fewer

persons and the entity owns as 90% or more of the fair market value of its assets a direct or indirect

interest in a real estate company. An indirect ownership interest is an interest in an entity 90% or

more of which is held by 35 or fewer persons and the purpose of the entity is the ownership of a

real estate company.

     (g) In the case of a grant, assignment, transfer or conveyance or vesting that results in a

real estate company becoming an acquired real estate company, the grantor, assignor, transferor, or

person making the conveyance or causing the vesting, shall file or cause to be filed with the division

of taxation, at least five (5) days prior to the grant, transfer, assignment, or conveyance or vesting,

notification of the proposed grant, transfer, assignment, or conveyance or vesting, the price, terms

and conditions thereof, and the character and location of all of the real estate assets held by the real

estate company and shall remit the tax imposed and owed pursuant to subsection (a). Any such

grant, transfer, assignment, or conveyance or vesting which results in a real estate company

becoming an acquired real estate company shall be fraudulent and void as against the state unless

the entity notifies the tax administrator in writing of the grant, transfer, assignment, or conveyance

or vesting as herein required in subsection (g) and has paid the tax as required in subsection (a).

Upon the payment of the tax by the transferor, the tax administrator shall issue a certificate of the

payment of the tax which certificate shall be recordable in the land evidence records in each

municipality in which such real estate company owns real estate. Where the real estate company

has assets other than interests in real estate located in Rhode Island, the tax shall be based upon the

assessed value of each parcel of property located in each municipality in the state of Rhode Island.

     SECTION 21. Section 44-31.2-11 of the General Laws in Chapter 44-31.2 entitled "Motion

Picture Production Tax Credits" is hereby amended to read as follows:

     44-31.2-11. Sunset.

     No credits shall be issued on or after July 1, 2027 2029, unless the production has received

initial certification under § 44-31.2-6(a) prior to July 1, 2027 2029.

     SECTION 22. Section 44-31.3-4 of the General Laws in Chapter 44-31.3 entitled "Musical

and Theatrical Production Tax Credits" is hereby amended to read as follows:

     44-31.3-4. Sunset.

     No credits shall be issued on or after July 1, 2027 2029, unless the production has received

initial certification under § 44-31.3-2(c) prior to July 1, 2027 2029.

     SECTION 23. Section 44-33.6-11 of the General Laws in Chapter 44-33.6 entitled

"Historic Preservation Tax Credits 2013" is hereby amended to read as follows:

     44-33.6-11. Sunset.

     No credits shall be authorized to be reserved pursuant to this chapter on or after June 30,

2024 2026, or upon the exhaustion of the maximum aggregate credits, whichever comes first.

     SECTION 24. Section 44-48.3-14 of the General Laws in Chapter 44-48.3 entitled "Rhode

Island New Qualified Jobs Incentive Act 2015" is hereby amended to read as follows:

     44-48.3-14. Sunset.

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

2024 December 31, 2025.

     SECTION 25. This article shall take effect upon passage.