Rules and Regulations for the Anchor Institution Tax Credit
280-RICR-20-20-7 INACTIVE RULE
| 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.
