Title 42, Title 42 Affairs and Government

Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that …

(a) By September 1, 2016, and each year thereafter, the commerce corporation shall report the name, address, and amount of each stabilization agreement entered into during the previous state fiscal year to the division of taxation. (b) By December 1, 2016, and each year thereafte…

The commerce corporation shall enter into no agreement under this chapter after December 31, 2026.

As used in this chapter: (1) “Adaptive reuse” means the conversion of an existing structure from the use for which it was constructed to a new use by maintaining elements of the structure and adapting such elements to a new use. (2) “Affiliate” means an entity that directly or in…

(a) The Tax Stabilization Incentive Program is hereby created to provide incentives to Rhode Island municipalities to enter into qualifying property tax stabilization agreements in connection with qualifying projects set forth herein. (b) Under the program, qualified and Hope Com…

The qualifying community or hope community grants a qualifying tax stabilization agreement in connection with a qualifying project, upon certification by the commerce corporation and subject to availability of appropriated funds, the commerce corporation shall provide a partial r…

In order for a qualifying community to be eligible to receive incentives under this chapter, in addition to the provisions set forth herein, the tax stabilization agreement must be for a qualified development project resulting in the creation of at least fifty (50) new full-time …

In order for a hope community to be eligible to receive incentives under this chapter, in addition to the provisions set forth herein, the tax stabilization agreement must be for a qualified development project resulting in the creation of at least twenty-five (25) new full-time …

(a) Qualifying communities may receive incentives under this chapter, where the tax stabilization agreement is for a qualified development project involving an adaptive reuse of a recognized historical structure or results in the creation of at least twenty (20) units of resident…

The aggregate value of all reimbursements approved by the commerce corporation pursuant to this chapter during the eligibility period shall not exceed the lesser of ten percent (10%) of the qualifying and/or hope communities’ forgone tax revenue or annual appropriations received …

The amounts subject to reimbursement under this chapter shall apply to any real and/or personal property tax abatement provided pursuant to a tax stabilization agreement, granted pursuant to § 44-3-9, after January 1, 2015. The amounts subject to reimbursement shall also include …