(a)  To obtain the tax credit authorized in this chapter, applicants shall apply to the commerce corporation board for approval of a qualified development project for credits under this chapter. Such approval shall at a minimum require:

(1)  That the applicant has submitted a completed application as developed by the commerce corporation in consultation with the division of taxation;

(2)  That the chief executive of the commerce corporation provide written confirmation to the commerce corporation board (i) That the commerce corporation has reviewed the application and any determination regarding the potential impact on the project’s ability to stimulate business development; retain and attract new business and industry to the state; create jobs, including good-paying jobs, for its residents; assist with business, commercial, and industrial real estate development; and generate revenues for necessary state and local governmental services; and (ii) The total credits to be awarded to the applicant.

(3)  That the secretary of commerce provide written confirmation to the commerce corporation board that the recommendation of the commerce corporation is consistent with the purposes of this chapter; and

(4)  That the director of the office of management and budget provide (i) written confirmation to the commerce corporation board that the aggregate credits recommended by the commerce corporation pursuant to this chapter do not exceed the maximum aggregate credits allowed under this chapter in accordance with § 42-64.20-5(f).

(b)  As the commerce corporation board determines whether to grant credits under this chapter, it shall consider the purposes for which this chapter is established, which include (but are not necessarily limited to) the following: (i) To create jobs with an emphasis on jobs that pay at least the most recent state median wage as defined by the department of labor and training; and (ii) To spur economic growth and new development in Rhode Island.

(c)  To claim a tax credit authorized by the board of the commerce corporation, applicants shall apply to the commerce corporation for a certification that the project has met all requirements of this chapter and any additional requirements set by the commerce corporation subsequent to the time the qualified development project is placed in service. The commerce corporation shall issue to the applicant a certification or a written response detailing any deficiencies precluding certification. The commerce corporation may deny certification, or may revoke the delivery of tax credits if the project does not meet all requirements of this chapter and any additional requirements set by the commerce corporation.

(d)  Upon issuance of a certification by the commerce corporation under subsection (c), the division of taxation shall, on behalf of the State of Rhode Island, issue tax credit certificates equaling one hundred percent (100%) of the tax credits approved by the commerce corporation.

(e)  In the event that tax credits, or a portion of tax credits, are revoked by the commerce corporation and such tax credits have been transferred or assigned, the commerce corporation will pursue its recapture rights and remedies against the applicant of the tax credits who shall be liable to repay to the commerce corporation the face value of all tax credits assigned or transferred and all fees paid by the applicant shall be deemed forfeited. No redress shall be sought against assignees or transferees of such tax credits provided the tax credits were acquired by way of an arms-length transaction, for value, and without notice of violation, fraud, or misrepresentation.

(f)  The commerce corporation and division of taxation shall promulgate such rules and regulations as are necessary to carry out the intent and purpose and implementation of the responsibilities of each under this chapter.