2024 -- S 2717 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2024

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A N   A C T

RELATING TO HEALTH AND SAFETY -- STAY INVESTED IN RI WAVEMAKER

FELLOWSHIPS

     Introduced By: Senators Lauria, Ruggerio, Pearson, DiMario, Miller, and Lawson

     Date Introduced: March 05, 2024

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 42-64.26-3 of the General Laws in Chapter 42-64.26 entitled "Stay

Invested in RI Wavemaker Fellowships" is 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.

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     (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.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO HEALTH AND SAFETY -- STAY INVESTED IN RI WAVEMAKER

FELLOWSHIPS

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     This act would add a definition for "primary care" to the general law regarding the Stay

Invested in RI Wavemaker Fellowships.

     This act would take effect upon passage.

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