Title 42, Title 42 Affairs and Government

(a) It is hereby found and declared that due to long-term and short-term stagnant or declining economic trends in Rhode Island, businesses in the state have found it difficult to make investments that would stimulate economic activity and create new jobs for the citizens of the s…

As used in this chapter: (1) “Applicant” means a developer proposing to enter into a tax increment financing agreement under this chapter. (2) “Commerce corporation” means the Rhode Island commerce corporation established pursuant to § 42-64-1 et seq. (3) “Developer” means a pers…

The commerce corporation shall establish a tax increment financing program for the purpose of encouraging qualified development projects in qualifying TIF areas.

(a) Up to the limits established in subsection (b) of this section and in accordance with a TIF agreement, the division of taxation shall pay to the developer incremental state revenues directly realized from projects or businesses operating in the qualifying TIF area from the ta…

(a) The commerce corporation is authorized to enter into a TIF agreement with a developer for any qualified development project located within a qualifying TIF area. The TIF agreement between the commerce corporation and the developer shall contain a provision acknowledging that …

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 incentive amount of each agreement entered into during the previous state fiscal year to the division of taxation. (b) By December 1, 2016, and each year thereafter, t…

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

The general assembly finds and declares: (a) The general assembly seeks to enact several economic stimulus laws to assist Rhode Island businesses and municipalities, including legislation providing incentives to encourage economic and real estate development and to create jobs th…

The commerce corporation’s approval of reimbursement to the qualifying or hope communities may be made in accordance with or conditional upon the conditions set forth under § 44-3-9 and other guidelines, criteria, and priorities that may be adopted by the commerce corporation. In…

Nothing in this section shall be construed to interfere, restrict or prevent any qualifying community or hope community from granting tax stabilization agreements pursuant to § 44-3-9 or other applicable sections of title 44 of the general laws.

(a) The commerce corporation shall establish further guidelines, directives, criteria, rules, and regulations in regards to the implementation of this chapter. (b) The adoption and implementation of rules and regulations shall be made pursuant to chapter 35 of this title (Adminis…

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 …

This chapter shall be known as the “First Wave Closing Fund Act.”

The general assembly finds and declares: (a) It is hereby found and declared that due to long-term and short-term stagnant or declining economic trends in Rhode Island, businesses in the state have found it difficult to make investments that would stimulate economic activity and …

As used in this chapter: (1) “Affiliate” means an entity that directly or indirectly controls, is under common control with, or is controlled by the business. Control exists in all cases in which the entity is a member of a controlled group of corporations as defined pursuant to …

(a) There is hereby established the first wave closing fund (the “fund”) to be administered by the commerce corporation as set forth in this chapter. (b) The purpose of the fund is to provide lynchpin financing unavailable from other sources, bringing to closure transactions that…

(a) The commerce corporation board shall promulgate regulations setting forth criteria for approving awards under the fund and such criteria shall ensure that awards from the fund are economically advantageous to the citizens of Rhode Island. To qualify for the benefits of this c…

The commerce corporation may adopt implementation guidelines, directives, criteria, rules, and regulations pursuant to chapter 35 of this title (Administrative Procedures) as are necessary for the implementation and administration of the fund.

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 …

No financing shall be authorized to be reserved pursuant to this chapter after December 31, 2026.

This chapter shall be known as the “I-195 Redevelopment Project Fund Act.”

The general assembly finds and declares: (a) That due to global economic trends, businesses in Rhode Island have found it difficult to invest in development projects and other significant capital investments in and surrounding the I-195 land within the city of Providence. Investm…

As used in this act: (1) “Applicant” means a developer or occupant applying for a loan or conditional loan under this chapter. (2) “Business” means a corporation as defined in § 44-11-1, or is a partnership, an S corporation, a nonprofit corporation, sole proprietorship, or a lim…

(a) The I-195 Redevelopment Project Fund (the “fund”) is hereby established under the jurisdiction of and shall be administered by the commission in order to further the goals set forth in chapter 64.14 of this title and to promote, among other purposes, the development and attra…

(a) An applicant seeking assistance under this chapter shall submit a request to the commission pursuant to an application procedure prescribed by the commission. (b) Any approval for funding under this chapter may only be granted by the commission and shall require the concurren…

The commission shall adopt implementation guidelines, directives, criteria, rules, and regulations pursuant to chapter 35 of this title (Administrative Procedures) as are necessary for the implementation of the commission’s responsibilities under this chapter and impose such fees…

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 …

No funding, credits, or incentives shall be authorized or authorized to be reserved pursuant to this chapter after December 31, 2026.

This chapter shall be known as the “Small Business Assistance Program Act.”

The commerce corporation shall have no obligation to grant any loan under this chapter or provide any funding to a lending organization.

(a) The commerce corporation shall not grant any financial commitment from state program funds to any applicant in excess of seven hundred and fifty thousand ($750,000) dollars under this program. (b) The commerce corporation shall have no authority to award grants except to tech…

The commerce corporation shall publish a report on the small business capital access fund at the end of each fiscal year. The report shall contain information on the commitment, disbursement, and use of funds allocated under the fund. The report shall also, to the extent practica…

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 …

No grants, funding, or incentives shall be authorized pursuant to this chapter after December 31, 2028.

The general assembly hereby finds and declares that small businesses are the economic backbone of the state and the source of a majority of new jobs. The general assembly further finds that too many such businesses often have difficulty obtaining capital from traditional banking …