(a)  An eligible company may submit an initial application for certification with the Rhode Island economic development corporation. The application shall specify the name of the eligible company, its affiliated entities, and its base employment.

(b)  To qualify as a provisionally-certified company for a calendar-year, an eligible company shall file with the Rhode Island economic development corporation by the January 31 immediately following such calendar-year an updated application listing, the following for the test period ending within the calendar-year:

(1)  The eligible company and its affiliated entities;

(2)  Their average annual current employment;

(3)  The number of eligible employees and the aggregate compensation paid thereto; and

(4)  Such other information as the Rhode Island economic development corporation determines is reasonably necessary.

(c)  To qualify as a fully-certified company for a calendar-year, an eligible company that was a provisionally-certified company for both of the two (2) preceding calendar-years shall file with the Rhode Island economic development corporation by the January 31 immediately following such calendar-year an updated application listing for the test period ending within the calendar-year:

(1)  The eligible company and its affiliated entities;

(2)  Their average annual current employment;

(3)  The number of eligible employees and the aggregate compensation paid thereto; and

(4)  Such other information as the Rhode Island economic development corporation determines is reasonably necessary.

Once an eligible company has become a fully-certified company, that qualification shall continue indefinitely and the certification requirements of subsection (e) shall not apply.

(d)  For each affiliated entity not included in the list of affiliated entities for the last prior updated application (or, if none, the initial application), the updated application shall also indicate the base employment of such affiliated entity.

(e)  Within thirty (30) days after receiving an updated application, the Rhode Island economic development corporation shall verify the information submitted with the department of labor and training and/or the division of taxation and shall declare the eligible company to be a provisionally certified company or a fully-certified company, as the case may be, if the updated application demonstrates:

(1)  That an eligible company and its affiliated entities have established for the test period new employment equal to not less than one hundred (100) full-time active employees and not less than ten million dollars ($10,000,000) in new employment payroll; and

(2)  That the annual compensation for eligible employees is not less than one hundred twenty-five percent (125%) of the average compensation of all employees in the state. A declaration that an eligible company is a provisionally certified company or a fully-certified company shall be valid even if made outside the thirty (30) day period.

(f)  A certified company may abandon its certification by filing written notice of its intent to abandon with the Rhode Island economic development corporation and the division of taxation at least thirty (30) days before the end of its credit year, and such abandonment shall become effective for taxable years beginning after the end of the credit year for the certified company and all of its affiliated entities.

(g)  An eligible company that has previously filed an initial application may file a new initial application. In such event, the prior application should be of no further effect and the calendar year under which the new application is filed shall not be a credit year.

(h)  Notwithstanding subsection 42-64.11-6(d), the economic development corporation shall annually provide an economic impact analysis, consistent with the requirements of subsection 42-64-10(a)(2), on each provisionally-certified company and fully-certified company. Such analysis shall also include the name of the eligible company and its affiliated entities, their average annual current employment, and the number of eligible employees. This analysis shall be submitted to the chair of the house finance committee, the chair of the senate finance committee, the house fiscal advisor, and the senate fiscal advisor on or before the January 31st following the first certification of an eligible company and shall be made available to the public. Such annual reports shall continue indefinitely and be submitted on or before January 31st, so long as the certified company has not abandoned its certification. As a condition of continued certification each provisionally certified company and fully-certified company shall provide to the economic development corporation information the corporation deems necessary to complete this analysis.