§ 42-64.22-4. Incentives for municipalities.
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.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-64.22 - Tax Stabilization Incentive
Section 42-64.22-1. - Findings and declarations.
Section 42-64.22-2. - Definitions.
Section 42-64.22-3. - Establishment of program.
Section 42-64.22-4. - Incentives for municipalities.
Section 42-64.22-5. - Eligibility requirements for qualifying communities.
Section 42-64.22-6. - Eligibility requirements for hope communities.
Section 42-64.22-7. - Alternative eligibility requirements.
Section 42-64.22-8. - Reimbursement.
Section 42-64.22-9. - Applicability.
Section 42-64.22-10. - Approval.
Section 42-64.22-11. - Restrictions.
Section 42-64.22-12. - Implementation guidelines, directives, criteria, rules, regulations.
Section 42-64.22-13. - Program integrity.