§ 42-64.3-6.1 - Impact analysis and periodic reporting.
SECTION 42-64.3-6.1
§ 42-64.3-6.1 Impact analysis and periodicreporting. – (a) The council shall not certify any applicant as a qualified business undersubsection 42-64.3-3(4) of this chapter until it has first prepared andpublicly released an analysis of the impact the proposed investment will or mayhave on the state. The analysis shall be supported by appropriate data anddocumentation and shall consider, but not be limited to, the following factors:
(i) The impact on the industry or industries in which theapplicant will be involved;
(ii) State fiscal matters, including the state budget(revenues and expenses);
(iii) The financial exposure of the taxpayers of the stateunder the plans for the proposed investment and negative foreseeablecontingencies that may arise therefrom;
(iv) The approximate number of full-time, part-time,temporary, seasonal and/or permanent jobs projected to be created, constructionand non-construction;
(v) Identification of geographic sources of the staffing foridentified jobs;
(vi) The projected duration of the identified constructionjobs;
(vii) The approximate wage rates for each category of theidentified jobs;
(viii) The types of fringe benefits to be provided with theidentified jobs, including healthcare insurance and any retirement benefits;
(ix) The projected fiscal impact on increased personal incometaxes to the state of Rhode Island; and
(x) The description of any plan or process intended tostimulate hiring from the host community, training of employees or potentialemployees, and outreach to minority job applicants and minority businesses.
(b) The council shall monitor every impact analysis itcompletes through the duration of any approved tax credit. Such monitoringshall include annual reports made available to the public on the:
(1) Actual versus projected impact for all consideredfactors; and
(2) Verification of all commitments made in consideration ofstate incentives or aid.
(c) Upon its preparation and release of the analysis requiredby subsection (b) of this section, the council shall provide copies of thatanalysis to the chairpersons of the house and senate finance committees, thehouse and senate fiscal advisors, the department of labor and training and thedivision of taxation. Any such analysis shall be available to the public forinspection by any person and shall by published by the tax administrator on thetax division website. Annually thereafter, through and including the second taxyear after any taxpayer has applied for and received a tax credit pursuant tothis chapter, the department of labor and training shall certify to thechairpersons of the house and senate finance committees, the house and senatefiscal advisors, the corporation and the division of taxation that: (i) theactual number of new full-time jobs with benefits created by the tax credit,not including construction jobs, is on target to meet or exceed the estimatednumber of new jobs identified in the analysis above; and (ii) the actual numberof existing full-time jobs with benefits has not declined. For purposes of thissection, "full-time jobs with benefits" means jobs that require working aminimum of thirty (30) hours per week within the state, with a median wage thatexceeds by five percent (5%) the median annual wage for full-time jobs in RhodeIsland and within the taxpayer's industry, with a benefit package that includeshealthcare insurance plus other benefits typical of companies within thetaxpayer's industry. The department of labor and training shall also certifyannually to the house and senate fiscal committee chairs, the house and senatefiscal advisors, and the division of taxation that jobs created by the taxcredit are "new jobs" in the state of Rhode Island, meaning that the employeesof the project are in addition to, and without a reduction of, those employeesof the taxpayer currently employed in Rhode Island, are not relocated fromanother facility of the taxpayer in Rhode Island or are employees assumed bythe taxpayer as the result of a merger or acquisition of a company alreadylocated in Rhode Island. The certifications made by the department of labor andtraining shall be available to the public for inspection by any person andshall be published by the tax administrator on the tax division website.
(d) The council, with the assistance of the taxpayer, thedepartment of labor and training, the department of human services and thedivision of taxation shall provide annually an analysis of whether any of theemployees of the taxpayer has received RIte Care or RIte Share benefits and theimpact such benefits or assistance may have on the state budget. This analysisshall be available to the public for inspection by any person and shall bepublished by the tax administrator on the tax division website. Notwithstandingany other provision of law or rule or regulation, the division of taxation, thedepartment of labor and training and the department of human services areauthorized to present, review and discuss taxpayer-specific tax or employmentinformation or data with the council, the chairpersons of the house and senatefinance committees, and/or the house and senate fiscal advisors for the purposeof verification and compliance with this tax credit reporting requirement.
(e) Any agreements or contracts entered into by the counciland the taxpayer shall be sent to the division of taxation and be available tothe public for inspection by any person and shall be published by the taxadministrator on the tax division website.
(f) By August 15th of each year the taxpayer shall report thesource and amount of any bonds, grants, loans, loan guarantees, matching fundsor tax credits received from any state governmental entity, state agency orpublic agency as defined in § 37-2-7 received during the previous statefiscal year. This annual report shall be sent to the division of taxation andbe available to the public for inspection by any person and shall be publishedby the tax administrator on the tax division website.
(g) By August 15th of each year the division of taxationshall report the name, address, and amount of tax credit received for eachtaxpayer during the previous state fiscal year to the council, the chairpersonsof the house and senate finance committees, the house and senate fiscaladvisors, the department of labor and training and the division of taxation.This report shall be available to the public for inspection by any person andshall be published by the tax administrator on the tax division website.