Section 870-RICR-30-00-1.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise. 1. "Act" means R.I. Gen. Laws Chapter 64.26, known as the Stay Invested in RI Wavemaker Fellowship.2. "Annual certification" means the document issued to a Fellowship Recipient by the Corporation certifying to the Tax Division the amount of the Tax Credit and taxable year in which such Tax Credit may be claimed, and such other information deemed appropriate by the Corporation.3. "Applicant" means an individual who applies for a tax credit under these Rules.4. "Award" means a Tax Credit awarded by the Corporation to an Applicant as provided under the Act and these Rules.5. "Award letter" means the letter mailed to an Applicant selected for an Award by the Fellowship Committee.6. "Board" means the Board of Directors of the Corporation.7. "Corporation" means the Rhode Island Commerce Corporation established pursuant to R.I. Gen. Laws Chapter 42-64.8. "Eligible expenses" means annual higher education loan repayment expenses of which the fellow is the primary holder, including, without limitation, principal, interest and fees, as may be applicable, incurred by an eligible graduate and which the eligible graduate is obligated to repay for attendance at a postsecondary institution of higher learning. Notwithstanding the foregoing, late fees or other penalties for late payment shall not constitute Eligible Expenses.9. "Eligibility period" means a term of up to four (4) consecutive service periods beginning with the date that an eligible graduate receives initial notice of award and expiring at the conclusion of the fourth service period after such date specified.10 "Executive office of health and human services" or "EOHHS" shall mean the executive office of health and human services, created pursuant to R.I. Gen. Laws sect; 42-7.2-2.11. "Fellowship committee" means the committee convened by the Corporation, and whose composition and selection procedures will be determined in consultation with the state's chambers of commerce, for the purpose of selecting which Applicants should receive Awards under the Act. EOHHS shall be represented on the committee and provide consultation to the Corporation on selection procedures. The committee shall comprise of at least five and no more than nine members and include a representative of the Corporation, a representative from EOHHS, a representative from a chamber of commerce, a representative from industry, and a representative from workforce development. The committee shall be approved by the Corporation board and provide consultation to the Corporation on selection procedures.12. "Fellowship recipient" means an Applicant who receives a Tax Credit under the Act and these Rules.13. "Full-time employee" means a person who is employed by a business for consideration for a minimum of at least thirty-five (35) hours per week; or who renders any other standard of service generally accepted by custom or practice as full-time employment; or who is employed by a professional employer organization pursuant to an employee leasing agreement between the business and the professional employer organization for a minimum of thirty-five (35) hours per week, or who renders any other standard of service generally accepted by custom or practice as full-time employment, and whose wages are subject to State withholding.14. "Fund" refers to the "Stay Invested in RI Wavemaker Fellowship Fund" established pursuant to sect; 42-64.26-4(a).15. "Healthcare Applicant" means any Applicant that meets the eligibility requirements and works as a full-time employee as a high-demand healthcare practitioner, dental practitioner, or mental health professional, including but not limited to clinical social workers and mental health counselors licensed by the department of health.16. "Rhode Island-based employer" means a. an employer having a principal place of business or at least fifty-one percent (51%) of its employees located in this State; orb. an employer registered to conduct business in this State that satisfied state tax filing requirements for the previous tax year.17. "STEM/Design Applicant" means any Applicant that meets the eligibility requirements and works as a full-time employee as a high-demand science, technology, engineering, or mathematics (STEM) or design practitioner.18. "Service period" means a twelve (12) month period beginning on the date that an initial notice of award provided under the Act and these Rules is transmitted to an Applicant.19. "State" means the State of Rhode Island.20. "Student loan" means a loan to an individual by a public authority or private lender to assist the individual to pay for Eligible Expenses.21. "Tax credit" means the tax credit permitted under the Act.22. "Tax credit award request form" means the form published from time to time by the Tax Division to be filed by an Applicant with the Tax Division together with the Certification issued by the Corporation.23. "Tax credit certificate" or "Certificate" means a certificate issued by the Tax Division to a Fellowship Recipient who has received an Annual Certification from the Corporation substantiating compliance with an Award Letter and entitlement to the issuance of Tax Credits under the Act.24. "Tax division" means the State of Rhode Island Division of Taxation.870 R.I. Code R. 870-RICR-30-00-1.5
Amended effective 12/19/2018
Amended effective 4/11/2023