(a) Application.  An eligible graduate claiming an award under this chapter shall submit to the commerce corporation an application in the manner that the commerce corporation shall prescribe.

Terms Used In Rhode Island General Laws 42-64.26-5

  • Applicant: means an eligible graduate who applies for a tax credit for education loan repayment expenses under this chapter. See Rhode Island General Laws 42-64.26-3
  • Award: means a tax credit awarded by the commerce corporation to an applicant as provided under this chapter. See Rhode Island General Laws 42-64.26-3
  • Chambers: A judge's office.
  • Commerce corporation: means the Rhode Island commerce corporation established pursuant to chapter 64 of this title. See Rhode Island General Laws 42-64.26-3
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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. See Rhode Island General Laws 42-64.26-3
  • 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. See Rhode Island General Laws 42-64.26-3
  • 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 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. See Rhode Island General Laws 42-64.26-3

  • Eligible graduate: means an individual who meets the eligibility requirements under this chapter. See Rhode Island General Laws 42-64.26-3
  • 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. See Rhode Island General Laws 42-64.26-3
  • Healthcare fund: refers to the "Healthcare Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to § 42-64. See Rhode Island General Laws 42-64.26-3
  • Service period: means a twelve-month (12) period beginning on the date that an eligible graduate receives initial notice of award under this chapter. See Rhode Island General Laws 42-64.26-3
  • 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. See Rhode Island General Laws 42-64.26-3
  • Taxpayer: means an applicant who receives a tax credit under this chapter. See Rhode Island General Laws 42-64.26-3

(b)  Upon receipt of a proper application from an applicant who meets all of the eligibility requirements, the commerce corporation shall select applicants on a competitive basis to receive credits for up to a maximum amount for each service period of one thousand dollars ($1,000) for an associate’s degree holder, four thousand dollars ($4,000) for a bachelor’s degree holder, and six thousand dollars ($6,000) for a graduate or post-graduate degree holder, but not to exceed the education loan repayment expenses incurred by such taxpayer during each service period completed, for up to four (4) consecutive service periods provided that the taxpayer continues to meet the eligibility requirements throughout the eligibility period. The commerce corporation shall delegate the selection of the applicants that are to receive awards to a fellowship committee to be convened by the commerce corporation and promulgate the selection procedures the fellowship committee will use, which procedures shall require that the committee’s consideration of applications be conducted on a name-blind and employer-blind basis and that the applications and other supporting documents received or reviewed by the fellowship committee shall be redacted of the applicant’s name, street address, and other personally-identifying information as well as the applicant’s employer’s name, street address, and other employer-identifying information. The commerce corporation shall determine the composition of the fellowship committee and the selection procedures it will use in consultation with the state’s chambers of commerce. Notwithstanding the foregoing, the commerce corporation shall create and establish a committee to evaluate any healthcare applicant for an award in the same manner as prescribed in this subsection. The executive office of health and human services (“EOHHS”) shall be represented on the committee and provide consultation to the commerce corporation on selection procedures. Notwithstanding EOHHS’s consultation and representation in the selection of healthcare applicants, the commerce corporation shall administer all other aspects of a healthcare applicant’s application, award, and certification.

(c)  The credits awarded under this chapter shall not exceed one hundred percent (100%) of the education loan repayment expenses incurred by such taxpayer during each service period completed for up to four (4) consecutive service periods. Tax credits shall be issued annually to the taxpayer upon proof that (i) The taxpayer has actually incurred and paid such education loan repayment expenses; (ii) The taxpayer continues to meet the eligibility requirements throughout the service period; (iii) The award shall not exceed the original loan amount plus any capitalized interest less award previously claimed under this section; and (iv) The taxpayer claiming an award is current on his or her student loan repayment obligations.

(d)  The commerce corporation shall not commit to overall STEM/design awards in excess of the amount contained in the STEM/design fund or to overall healthcare awards in excess of the amount contained in the healthcare fund.

(e)  The commerce corporation shall reserve seventy percent (70%) of the awards issued in a calendar year to applicants who are permanent residents of the state of Rhode Island or who attended an institution of higher education located in Rhode Island when they incurred the education loan expenses to be repaid.

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

(1)  Require suitable proof that an applicant meets the eligibility requirements for award under this chapter;

(2)  Determine the contents of applications and other materials to be submitted in support of an application for award under this chapter; and

(3)  Collect reports and other information during the eligibility period for each award to verify that a taxpayer continues to meet the eligibility requirements for an award.

History of Section.
P.L. 2015, ch. 141, art. 19, § 9; P.L. 2021, ch. 162, art. 9, § 10, effective July 6, 2021; P.L. 2022, ch. 231, art. 9, § 10, effective June 27, 2022.