Rules and Regulations for the Anchor Institution Tax Credit


280-RICR-20-20-7 INACTIVE RULE

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Title 280 Department of Revenue
Chapter 20 Division of Taxation
Subchapter 20 Tax Credits/Deductions
Part 7 Rules and Regulations for the Anchor Institution Tax Credit
Type of Filing Adoption
Regulation Status Inactive
Effective 10/27/2015 to 12/31/2018

Regulation Authority:

R.I. Gen. Laws Sections 42-64.30-1 et seq.

Purpose and Reason:

The Rules implement the newly-enacted Anchor Institution Tax Credit, R.I. Gen. Laws § 42-64.30-1 et seq., which provides a tax credit to an anchor institution that plays a substantial role in getting a material supplier, service provider, or customer to relocate to the state. The relocating business must create a minimum number of jobs – 10 if it relocates before December 31, 2018; 25 if it relocates after. Upon the relocation and creation of the new jobs, the anchor company that solicited the relocation will be eligible to receive the credits.