Terms Used In Rhode Island General Laws > Chapter 5-38.1 - Pawtucket - Motor Vehicle Repair Businesses

• Adjusted current employment: means , for any taxable year ending on or after January 1, 2012, the aggregate of the average daily number of full-time equivalent active employees employed within the state by an eligible company and its eligible subsidiaries during each taxable year. See Rhode Island General Laws 42-64.14-4
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affiliated entity: means any corporation or other business entity owned or controlled by the same persons or shareholders or equity holders who own or control an eligible company. See Rhode Island General Laws 42-64.14-4
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Average annual current employment: means , for any test period, the average daily number of full-time equivalent active employees employed within the state by an eligible company and its affiliated entities. See Rhode Island General Laws 42-64.11-2
• Base employment: means the aggregate number of full-time equivalent active employees employed within the state by an eligible life sciences company and its eligible life sciences subsidiaries on January 1, 2011, or at the election of the eligible life sciences company, on an alternative date as provided by §?42-64. See Rhode Island General Laws 42-64.14-4
• Base employment: means the average daily number of full-time active employees employed within the state by an eligible company and its affiliated entities for the calendar year preceding the calendar year in which the eligible company makes an initial application to be a certified company as provided in § 42-64. See Rhode Island General Laws 42-64.11-2
• Board: means the board of directors of the corporation. See Rhode Island General Laws 42-64.10-4
• Certified company: means a provisionally-certified company or a fully certified company. See Rhode Island General Laws 42-64.11-2
• Chairperson: means the chairperson of the board of directors of the corporation. See Rhode Island General Laws 42-64.10-4
• Collaborative: means "Made in Rhode Island Manufacturing Collaborative of 2013" established under § 42-64. See Rhode Island General Laws 42-64.15-3
• Compensation: means any income, capital gain or preference items realized by an employee in connection with the employee's service for an eligible company or affiliated entity provided that such compensation would (but for the modification provided by § 42-64. See Rhode Island General Laws 42-64.11-2
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corporation: means the Quonset Development Corporation. See Rhode Island General Laws 42-64.10-4
• Creative sector: means innovative art and design based businesses that primarily design and manufacture a physical product, rather than a digital product or service, operating within the state of Rhode Island. See Rhode Island General Laws 42-64.15-3
• Credit year: means any calendar year for which an eligible company has been certified under § 42-64. See Rhode Island General Laws 42-64.11-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Disaster: means an occurrence, natural or otherwise, which results in the destruction of sixty percent (60%) or more of an operating manufacturing business facility in this state, thereby making the production of products by the eligible life sciences company impossible and as a result active employees of the facility are without employment in that facility. See Rhode Island General Laws 42-64.14-4
• Economic development: means the mobilization of intellectual, human, capital, physical and natural resources to generate marketable goods and services for purposes including, but not limited to, creating jobs, economic and employment opportunities, tax base, and wealth. See Rhode Island General Laws 42-64.12-5
• Eligible company: means any corporation, state bank, federal savings bank, trust company, national banking association, bank holding company, loan and investment company, mutual savings bank, credit union, building and loan association, insurance company, investment company, broker-dealer company, manufacturing company, telecommunications company or surety company or an affiliated entity of any of the foregoing. See Rhode Island General Laws 42-64.11-2
• Eligible employee: means any full-time active employee having compensation at least equal to one hundred twenty-five percent (125%) of the average compensation of all employees in the state first performing services in the state for an eligible company or an affiliate entity after the date the eligible company files its initial application for certification; provided, however, that for any eligible company filing its initial application in 2005, "eligible employee" means any full-time active employee having compensation at least equal to one hundred-twenty five percent (125%) of the average compensation of all employees in the state first performing services in the state after June 1, 2005. See Rhode Island General Laws 42-64.11-2
• 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
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Full-time active employee: means any employee of an eligible company or an affiliate entity who works a minimum of thirty (30) hours per week within the state, with benefits typical to the industry of the employer. See Rhode Island General Laws 42-64.11-2
• Full-time equivalent active employee: means any employee of an eligible life sciences company who:

  (i)  Works a minimum of thirty (30) hours per week within the state, or two (2) or more part-time employees whose combined weekly hours equal or exceed thirty (30) hours per week within the state; and

  (ii)  Earns no less than two hundred fifty percent (250%) of the hourly minimum wage prescribed by Rhode Island law; provided that the first tax year that an eligible life sciences company qualifies for a rate reduction pursuant to §?42-64. See Rhode Island General Laws 42-64.14-4

• Fully-certified company: means an eligible company that has been certified by the Rhode Island economic development corporation as meeting the criteria set forth in subsection 42-64. See Rhode Island General Laws 42-64.11-2
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Locally manufactured: means products manufactured or produced within the state of Rhode Island. See Rhode Island General Laws 42-64.15-3
• Manufactured goods: means the process of taking raw materials or components and adding value to those materials and components in order to create a final, recognizable product that has been created through the use of hands, machinery, tools, appliances, and other similar equipment. See Rhode Island General Laws 42-64.15-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• motor vehicle repair business: means any place, establishment, garage, or work area enclosed within a building where repairs are made or caused to be made to motor vehicles, including engines, carburetors, brakes, transmissions, muffler systems, electrical systems, and general running gear of motor vehicles exclusive of auto body repairs; and including any used automobile dealership, but excluding any new automobile dealership. See Rhode Island General Laws 5-38.1-3
• New employment: means for each taxable year the amount of adjusted current employment for each taxable year minus the amount of base employment, but in no event less than zero (0); provided, however, no eligible company is permitted to transfer, assign or hire employees who are already employed within the state by such eligible company from itself or any affiliated entity or utilize any other artifice or device for the purpose of artificially creating new employees in order to qualify for the rate reduction provided for in this chapter. See Rhode Island General Laws 42-64.14-4
• New employment payroll: means the total compensation paid by an employer that is a certified company and its affiliated entities times a fraction, the numerator of which is its new employment and the denominator is its total number of full-time active employees. See Rhode Island General Laws 42-64.11-2
• Oath: A promise to tell the truth.
• oath: includes affirmation; the word "sworn" includes affirmed; and the word "engaged" includes either sworn or affirmed. See Rhode Island General Laws 43-3-11
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Performance-based compensation: means any compensation paid by a certified company to an eligible employee in consideration of the achievement of individual or company performance-based goals, including, for example, but without limitation, bonuses, and income derived from employer-granted stock options. See Rhode Island General Laws 42-64.11-2
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Person: means any individual, group of individuals, firm, corporation, association, partnership, or public or private entity. See Rhode Island General Laws 42-64.12-5
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Property: means land or other real property or any interest, estate, or right therein. See Rhode Island General Laws 42-64.12-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Provisionally-certified company: means any company that has been certified under § 42-64. See Rhode Island General Laws 42-64.11-2
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public ownership and use: means the right of a public body to possess, use, and/or enjoy property in order to conduct a governmental function or to provide for a public activity. See Rhode Island General Laws 42-64.12-5
• Quonset Business Park: means former Navy lands in the town of North Kingstown, and lands related thereto, and personal property thereon, which are or have been owned, leased, managed and/or under the control of the economic development corporation. See Rhode Island General Laws 42-64.10-4
• Quorum: The number of legislators that must be present to do business.
• Rate reduction: means the reduction in tax rate specified in §?42-64. See Rhode Island General Laws 42-64.14-4
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• State: means the State of Rhode Island. See Rhode Island General Laws 42-64.14-4
• State: means the State of Rhode Island. See Rhode Island General Laws 42-64.11-2
• Statute: A law passed by a legislature.
• Test period: means , at the election of an eligible company as indicated in an updated application under subsection 42-64. See Rhode Island General Laws 42-64.11-2
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
• Units of new employment: means :

  (i)  For eligible life sciences companies which are not small business concerns, the number of full-time equivalent active employees divided by fifty (50), rounded down to the nearest multiple of fifty (50); and

  (ii)  For eligible life sciences companies which are small business concerns the amount of new employment divided by ten (10), rounded down to the nearest multiple of ten (10); provided, however, that an eligible life sciences company with adjusted current employment of one hundred (100) or more employees in its first year of operation or in any other period following the date its base employment is determined shall determine its units of new employment by dividing the first one hundred (100) employees less its base employment by ten (10), rounded down to the nearest multiple of ten (10), and by dividing the number of additional employees in excess of one hundred (100) by fifty (50), rounded down to the nearest multiple of fifty (50). See Rhode Island General Laws 42-64.14-4

• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.