Rhode Island General Laws 42-64.22-4. Incentives for municipalities
Current as of: 2023 | Check for updates
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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 reimbursement of no more than ten percent (10%) of the qualifying community and/or hope community’s forgone tax revenue. The qualification for reimbursement shall cease upon any termination or cessation of the underlying tax stabilization agreement or upon exhaustion of funds appropriated pursuant to this section.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5.
Terms Used In Rhode Island General Laws 42-64.22-4
- Commerce corporation: means the Rhode Island commerce corporation established pursuant to §?42-64-1 et seq. See Rhode Island General Laws 42-64.22-2
- 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.
- Forgone tax revenue: means the amount of revenue that a municipality would have received from a qualified development project had a tax stabilization agreement not been in place, less the amount of revenue the municipality would be expected to receive from that qualified development project with a tax stabilization agreement in place. See Rhode Island General Laws 42-64.22-2
- Hope community: means a municipality for which the five (5) year average percentage of families with income below the federal poverty level exceeds the state five (5) year average percentage, both as most recently reported by the U. See Rhode Island General Laws 42-64.22-2
- Project: means qualified development project as defined under subsection (20). See Rhode Island General Laws 42-64.22-2