Rules and Regulations for the Anchor Institution Tax Credit
|Chapter||30||Tax Credits and Exemptions|
|Part||5||Rules and Regulations for the Anchor Institution Tax Credit|
|Type of Filing||Adoption|
|Effective||10/22/2015 to 12/31/2018|
Regulation Authority :
Purpose and Reason :
The Rules and Regulations for the Anchor Institution Tax Credit have been adopted in order to 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. The Rules address the eligibility requirements, application procedures, and other administrative aspects of the program. The text of Rule 3 has changed from the version published in the register to provide greater specificity to the board process described in that provision.