(a)  The provisions of § 42-64.14-9, I-195 redevelopment district life sciences jobs incentives program shall sunset on December 31, 2021. If an eligible life sciences company that was established in the district and participated in the life sciences jobs incentive program on or before December 31, 2021, maintained the qualifications to be certified with the commission, then the tax credits acquired by the company shall remain valid for ten (10) years from the date of qualification.

Terms Used In Rhode Island General Laws 42-64.14-21

  • 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.
  • Eligible life sciences company: means a business corporation, partnership, firm, unincorporated association or other entity engaged in life sciences research, development, manufacturing or commercialization in the state, as further defined in this section, and any affiliate thereof, which is, or the members of which are, subject to taxation. See Rhode Island General Laws 42-64.14-4
  • Life sciences: means in advanced and applied sciences that expand the understanding of human physiology and have the potential to lead to medical advances or therapeutic applications including, but not limited to, agricultural biotechnology, biogenerics, bioinformatics, biomedical engineering, biopharmaceuticals, biotechnology, chemical synthesis, chemistry technology, diagnostics, genomics, image analysis, marine biology, marine technology, medical devices, nanotechnology, natural product pharmaceuticals, proteomics, regenerative medicine, RNA interference, stem cell research, veterinary science or computer and information technology. See Rhode Island General Laws 42-64.14-4
  • State: means the State of Rhode Island. See Rhode Island General Laws 42-64.14-4

(b)  The provisions of this chapter shall sunset when one hundred percent (100%) of the properties have been developed and sold or twenty-one (21) years from the date of enactment, whichever is earlier. All authority vested in the commission shall dissolve and all local and state authority granted to the commission in § 42-64.14-7 and § 42-64.14-8 shall revert to the appropriate state or municipal authority. In the event that the commission retains ownership in properties at the time of sunset the ownership of said parcels shall revert to the commerce corporation and any leases of parcels shall transfer and be held by the corporation. All procedures to dissolve the commission shall be in accordance with § 42-64-7.3.

History of Section.
P.L. 2011, ch. 245, § 3; P.L. 2011, ch. 267, § 3.