Rhode Island General Laws 42-64.22-8. Reimbursement
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The aggregate value of all reimbursements approved by the commerce corporation pursuant to this chapter during the eligibility period shall not exceed the lesser of ten (10%) percent of the qualifying and/or hope communities’ forgone tax revenue or annual appropriations received by the commerce corporation for the program.
History of Section.
P.L. 2015, ch. 141, art. 19, § 5.
Terms Used In Rhode Island General Laws 42-64.22-8
- 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.
- Eligibility period: means the period in which a qualified community and/or Hope Community may apply for reimbursement under this chapter. See Rhode Island General Laws 42-64.22-2
- 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